Canada’s Approval Finally Brings a Bitcoin ETF to North America

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


While the US is still inhibitive of the idea of a Bitcoin (BTC) ETF, the Ontario Securities Commission (OSC) has approved an application from Purpose Investments Inc., a financial services firm, to offer an ETF product across several Canadian territories.

The approval document noted that Purpose Investments filed its prospectus under Multilateral Instrument 11-102 Passport System for some Canadian territories including British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Yukon, Nunavut, and Northwest Territories.

The exchange-traded fund will purchase only the benchmark cryptocurrency and allow investors to invest in it with either US dollars or Canadian dollars. The ETF will be listed on the Toronto Stock Exchange (TSX).

Meanwhile, the firm’s prospectus described the ETF as a good substitute for a mutual fund that “invests in and holds substantially all of its assets in long-term holdings of the digital currency bitcoin.” That said, the ETF’s custodian will be Cidel Trust Company, a subsidiary of Cidal Bank Canada.

Interestingly, the sub-custodian to the fund will be Cameron and Tyler Winklevoss’s cryptocurrency company—Gemini—while Ernst &Young will operate as the auditor.

According to an excerpt shared by the firm, only long-term-minded investors with high-risk tolerance should invest in the ETF.

Canada’s means that mainland North America will finally have a Bitcoin ETF. This development is coming at a time when the SEC has vehemently opposed the approval of a BTC ETF in the region.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — February 12

Bitcoin continues to show no signs of slowing down, as the cryptocurrency printed a new all-time high a few hours ago. Although very bullish, the cryptocurrency is also very volatile and is recording massive price swings between $48,300 to $46,500.

Nonetheless, the cryptocurrency could still fall towards the $45k mark to finally complete its unfulfilled correction.

Meanwhile, our key resistance levels are at $47,500, $48,000, and $49,000. While our key support levels are at $46,000, $45,000 and $44,000.

Total Market Capitalization: $1.48 trillion

Bitcoin Market Capitalization: $879 billion

Bitcoin Dominance: 59%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *