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North America’s First Bitcoin ETF Gets Green Light in Canada

Feb. 12, 2021, 2:15 PM

Purpose Investments Inc. said Canadian securities regulators have cleared the launch of the Purpose Bitcoin ETF, making it the first to gain regulatory approval in North America.

The fund is designed to provide investors with exposure to the world’s largest cryptocurrency by investing directly in physically settled Bitcoin, the company said in a statement. While this is set to be the first investment vehicle for Bitcoin that’s officially labeled an exchange-traded fund, Europe boasts several “physically backed” Bitcoin exchange-traded products that effectively function just like an ETF.

This isn’t the first time Canada has beat the U.S. in regulatory approval ...