BML 5.01 Decreased By ▼ -0.05 (-0.99%)
BOP 13.08 Increased By ▲ 0.08 (0.62%)
CNERGY 7.12 No Change ▼ 0.00 (0%)
CPHL 87.45 Increased By ▲ 1.38 (1.6%)
DCL 14.34 Decreased By ▼ -0.33 (-2.25%)
DGKC 170.76 Increased By ▲ 1.95 (1.16%)
FCCL 46.76 Increased By ▲ 0.59 (1.28%)
FFL 15.82 Decreased By ▼ -0.10 (-0.63%)
GCIL 26.87 Decreased By ▼ -0.39 (-1.43%)
HUBC 144.18 Increased By ▲ 2.27 (1.6%)
KEL 5.07 Decreased By ▼ -0.05 (-0.98%)
KOSM 6.69 Decreased By ▼ -0.20 (-2.9%)
LOTCHEM 20.59 Decreased By ▼ -0.41 (-1.95%)
MLCF 84.73 Increased By ▲ 0.66 (0.79%)
NBP 121.82 Decreased By ▼ -0.56 (-0.46%)
PAEL 43.46 Increased By ▲ 1.28 (3.03%)
PIAHCLA 22.29 Increased By ▲ 0.33 (1.5%)
PIBTL 8.93 Decreased By ▼ -0.06 (-0.67%)
POWER 14.01 Decreased By ▼ -0.08 (-0.57%)
PPL 169.94 Decreased By ▼ -0.01 (-0.01%)
PREMA 43.39 Decreased By ▼ -0.38 (-0.87%)
PRL 33.11 Increased By ▲ 0.24 (0.73%)
PTC 24.26 Decreased By ▼ -0.33 (-1.34%)
SNGP 119.64 Increased By ▲ 0.34 (0.28%)
SSGC 45.55 Increased By ▲ 0.38 (0.84%)
TELE 8.08 Decreased By ▼ -0.09 (-1.1%)
TPLP 10.47 Increased By ▲ 0.14 (1.36%)
TREET 23.97 Decreased By ▼ -0.18 (-0.75%)
TRG 58.05 Decreased By ▼ -0.80 (-1.36%)
WTL 1.52 Decreased By ▼ -0.03 (-1.94%)
BR100 13,631 Increased By 52 (0.38%)
BR30 39,851 Increased By 184.3 (0.46%)
KSE100 134,300 Increased By 517.4 (0.39%)
KSE30 40,814 Increased By 132.5 (0.33%)

OTTAWA: Canada's main securities regulator has cleared the launch of the world's first exchange-traded bitcoin fund, the investment manager and the regulator said Friday, giving retail investors greater access to the booming cryptocurrency.

The Ontario Securities Commission gave Purpose Investments Inc. the nod to roll out the Purpose Bitcoin ETF (exchange-traded fund) on the Toronto Stock Exchange.

It is to start trading under the ticker BTCC "as early as next week," a company spokesman told AFP.

"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," the asset management company said in a statement.

Gemini Trust Company will be sub-custodian for the fund, while CIBC Mellon Global Securities Services will administer it.

Launched in 2009, bitcoin has been on a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would allow account holders to use cryptocurrency.

It hit a record-high near $45,000 on Monday after Elon Musk's electric carmaker Tesla invested $1.5 billion in the digital currency.

Canadian and US fund companies had tried unsuccessfully in recent years to launch bitcoin ETFs.

Several in recent weeks filed preliminary prospectuses with the Ontario Securities Commission and the Securities and Exchange Commission in the United States.

Comments

Comments are closed.