Purpose Investments, an institutional agency with greater than $12 billion underneath administration, on Wednesday introduced the launch of mutual fund models for the world’s first ETF backed and settled by Bitcoin.
“We’re happy to provide another easy and secure way for Canadian investors to gain exposure to Bitcoin,” stated CEO and founder Som Seif. Mutual funds that enable traders publicity to Bitcoin have risen in demand by traders worldwide this yr.
The Purpose Bitcoin ETF invests immediately in Bitcoin permitting traders environment friendly publicity to Bitcoin with out the related danger and burden of self-custody.
The Purpose Bitcoin ETF goals to precisely replicate the value of Bitcoin, which means its models could also be bought or redeemed at internet asset worth per unit of the relevant class with out premiums or reductions, which could in any other case be related to listed Bitcoin securities like Grayscale.