Filed under: Business, Crypto-currenciesSubject: Other Financial News
TORONTO, Feb. 18, 2021 (GLOBE NEWSWIRE) — Purpose Investments Inc. (« Purpose ») is pleased to announce that the world’s first Bitcoin ETF, backed by physically settled Bitcoins, is now available to investors. Trading of Canadian dollar unhedged units and U.S. dollar unhedged units of the Purpose Bitcoin ETF (the « ETF ») begins today on the Toronto Stock Exchange (the « TSX ») under the symbols BTCC.B and BTCC.U, respectively.
With a management fee of only 1.00% per annum, Purpose believes that the ETF provides investors with the simplest, most effective and affordable way to gain direct exposure to cryptography, with all the convenience associated with a registered plan eligible investment.
This ETF invests directly in physically settled bitcoins, not derivatives, providing investors with easy and efficient access to the emerging cryptomass asset class without the risk of holding their own money in a digital portfolio. Like gold and silver products backed by physical inventories, the ETF is backed by physically-settled Bitcoin holdings.
Because of its elegant exchange-traded fund structure, the ETF aims to accurately reflect the price of Bitcoin without the risk that the units will trade at a significant premium or discount to the net asset value, unlike the closed-end Bitcoin funds currently available in the market.
« We are very pleased to be able to offer this innovation to investors, making the process of owning Bitcoin easier than ever. We believe that Bitcoin, the first and most important asset in the emerging cryptographic ecosystem, is poised to continue its growth trajectory and be adopted as a non-traditional asset, thereby strengthening the investment opportunity it represents, » said Som Seif, founder and CEO of Purpose. « Moving forward to become a leader in cryptomoney investment reflects Purpose’s objective to provide investors with non-traditional investment solutions that are not based on traditional benchmarks. »
Purpose will act as manager of the ETF, and Ether Capital Corporation (« Ether Capital »), a company with significant experience and expertise in digital assets, will act as special consultant to Purpose.
« We have seen the growing popularity of Bitcoin as individual and institutional investors have increased their exposure to Bitcoin as an asset class and are using it as a tool to diversify and strengthen their portfolios, » said Brian Mosoff, Chief Executive Officer of Ether Capital. « By making Bitcoin more accessible to investors through the ETF, Purpose can accelerate the process of bringing cryptography into the mainstream. Purpose is a leader in financial innovation and Ether Capital is pleased to support Purpose. I’ve been in the crypto business since 2012 and now as the head of Ether Capital, I feel that today has changed the game. This is not only a great victory for investors, but also an important milestone for the financial community and the financial technology industry as a whole. »
To finalize the launch of the ETF, Purpose worked closely with the Ontario Securities Commission (the « OSC ») on a confidential pre-filing process through a series of meetings and presentations over several months.
« The OSC has been a key partner in the launch of the Purpose Bitcoin ETF and we are grateful for their willingness to work with us on this process. Their cooperation and advice has enabled us to move forward and offer this new ETF to investors, » added Mr. Seif. Purpose is committed not only to providing access to digital assets, but also to educating investors. In addition to the ETF, Purpose is launching a content platform on crypto-currency to give investors the knowledge and tools they need to understand this emerging asset class. For more information on the Purpose Bitcoins ETF and its asset class, please visit https://www.purposeinvest.com/funds/purpose-bitcoin-etf.
About Purpose Investments Inc.
Purpose is an asset management company with more than $10 billion in assets under management. It has a relentless focus on client-centric innovation and offers a range of quantitative managed investment products. Led by Som Seif, a successful entrepreneur, Purpose is a division of Purpose Financial, an independent, technology-driven financial services platform that is transforming the industry by creating opportunities in asset management, wealth management and small business financial services.
For more information, please contact: Matt PadanyiPurpose Investments Inc. telephone : (877) 789-1517 E-mail: email@example.com
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus and other disclosure documents before investing. Mutual funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the full amount of your investment in the fund will be returned to you. If securities are bought or sold on a stock market, you may pay more or receive less than their current net asset value. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
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Press release sent on February 18, 2021 at 05:05 and distributed by :