North America’s First Bitcoin ETF Approved!

A Bitcin ETF has arrived. Today marks the first investment vehicle containing Bitcoin to be approved by regulators in North America!

Purpose Investments announced today that it's Bitcoin ETF has received regulatory approval.

The first direct custody Bitcoin ETF in the world!

The ETF will be the first in the world to invest directly in physically settled Bitcoin, not derivatives, allowing investors easy and efficient access to the emerging asset class of cryptocurrency without the associated risk of self-custody within a digital wallet. - https://www.purposeinvest.com

Bitcoins for the ETF are held in cold storage. Purpose Investments is teaming up with 2 other companies in Gemini Trust Company and CIBC Mellon Global Securities Services Company as fund administrator.

The tie in the with established Canadian financial institution brings an additional level of trust, security, and professionalism to the ETF.

Who Will Hodl The Coins?

To break this down a little I'm thinking Purpose Investments is the product creator, and seller, while the other two institutions will be able to provide the capital to purchase BTC and the actual cold storage custody of the coins...SECURITY!

Apparently Purpose has been working closely and secretively with the Ontario Securities Commission to hammer this out over the past several months.

The ETF’s daily NAV will be priced based on the daily spot price of the TradeBlock XBX Index.

Awesome news for Bitcoin in general and especially for Canadians and North Americans who want to own Bitcoin but without the hassle of using exchanges.

For most people here in Canada buying ETF's is easy, buying BTC is not, so this solves a problem and I'm sure will be a massive hit!

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