On Thursday (February 11), the Ontario Securities Commission conditionally approved the Purpose Bitcoin ETF, which is managed by Purpose Investments Inc, by issuing a receipt for its long-form prospectus.

The prospectus says:

The ETF Units of the Fund have been conditionally approved for listing on the Toronto Stock Exchange (the ‘ TSX’). Subject to satisfying the TSX’s original listing requirements in respect of the Fund on or before February 11, 2022, the ETF Units of the Fund will be listed on the TSX and offered on a continuous basis, and an investor will be able to buy or sell such ETF Units on the TSX through registered brokers and dealers in the Province or Territory where the investor resides. Investors will incur customary brokerage commissions in buying or selling the ETF Units. The TSX ticker symbol for the ETF units, CAD ETF Non-Currency Hedged Units and USD ETF Non-Currency Hedged Units is BTCC, BTCC.B and BTCC.U, respectively.

Once it is listed on TSX, this product will offer investors in Canada an alternative way to invest in Bitcoin though a tax-sheltered account. The Bitcoin Fund (TSX ticker is QBTC and QBTC.U for CAD and USD respectively), which is a closed-end fund managed by 3iQ Corp., listed on TSX in April 2020, and serves a similar purpose to the Purpose Bitcoin ETF.

Yesterday, during an interview with Coindesk, U.S. SEC Commissioner Hester Peirce (affectionately often referred to as “Crypto Mom” by the crypto community on Twitter for her pro-Bitcoin stance) said that U.S. market is ready for a Bitcoin ETF and explained why this was important:

People are looking for ways through our regulated securities markets to access Bitcoin. So, if we don’t give them the natural way, which would an exchange traded product, they’re going to look for other ways to do it. There are over-the-counter products now that exist so people do have ways to access it, but those might not be the most direct and most cost-effective way.

Featured Image by “IgorShubin” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.