@Today 12 February 2021 more from that month

Canadian Regulator Approves First Bitcoin ETF The fund filed its prospectus under the multilateral instrument passport system. The Ontario Securities Commission has approved a Bitcoin exchange-traded fund, the first such fund to be listed on any North American stock exchange. Dubbed Purpose Bitcoin ETF, the fund will be managed by Purpose Investments Inc, according to the official documents approved on Thursday. It was filed under the Multilateral Instrument Passport System in several Canadian jurisdictions. These territories include British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Northwest Territories, Yukon and Nunavut. “A receipt for the prospectus is deemed to be issued by the regulator in each of those jurisdictions if the conditions of the Instrument have been satisfied,” the official document noted. The fund is designed to track the market price of Bitcoin but will deduct the fees and expenses of the manager. The fact sheet of the fund detailed that there will be a 1 percent annual management fee along with operating costs and trading expenses, which will be determined later.