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

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Azeez Mustapha

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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.

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