Ontario Securities Regulator Approves First Bitcoin ETF

Ontario Securities Regulator Approves First Bitcoin ETF


key takeaways

  • The ETF is conditionally approved to trade on the Toronto Stock Exchange (TSX) for residents of Canada
  • Numerous attempts to list a bitcoin ETF in the United States have been rejected by regulators

The first publicly traded bitcoin exchange-traded fund will soon be on the market in the great white north after Ontario’s securities regulator gave it the green light late Thursday. 

According to a decision document posted by the regulator, Toronto-based Purpose investments is authorized to list its bitcoin ETF and market it to Canadian residents in all of the country’s provinces and territories. According to its prospectus, the Purpose Bitcoin ETF “invests in and holds substantially all of its assets in long-term holdings of the digital currency bitcoin.” The annual management fee is set at 1%. 

Filings show that Cidel Trust Company is the fund’s custodian, while the Winklevoss’ Gemini is the sub-custodian. Ernst & Young is the fund’s auditor.

The prospectus discloses that the investment is considered high risk due to its volatility and is not appropriate for those looking for a “steady source of income”.

It’s not yet known when the ETF will list on markets in Canada, but the prospectus discloses the “TSX ticker symbol for the ETF units, CAD ETF Non-Currency Hedged Units and USD ETF Non-Currency Hedged Units is BTCC, BTCC.B and BTCC.U, respectively.”

According to SEDAR, the Canadian version of EDGAR, more applications for ETFs are in the pipeline.

Investment firm Accelerate Financial has applied to list the Accelerate Bitcoin ETF in Toronto under the ticker “ABTC” with a management fee of 0.7%. 

“If you look at any time frame, three, five, or 10 years,  bitcoin blows every asset class out of the water on an absolute return and risk-adjusted return basis even though it is  a highly volatile asset,” Julian Klymochko, CEO of Accelerate has been quoted as saying. 

Earlier in the month Arxnovum Investments, run by a former 3iQ executive, filed an application to list a bitcoin ETF in Toronto.

Back in the U.S. well-known ETF issuers VanEck and Valkyrie both put in new applications in December for bitcoin ETFs with the SEC. Galaxy Digital CEO Mike Novogratz has been quoted as saying he expects an approval this year.

But if the SEC rejects these applications, like it has others in the past, perhaps Americans with an appetite for digital assets in ETF form will need to look north. 


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.


Plus, Imran Khan’s intriguing experiment on the speeds of crypto onramps


The SEC has signaled a timeline to issuers that could lead to a July 23 launch for the ETH funds, people close to the process told Blockworks


PayPal has unequivocally made a name for itself as a crypto adopter among fintech giants


Also, a look into how the highly-debated SAB 121 could end up shaking out for crypto custodians


Vance, an Ohio Republican, is largely seen as crypto-friendly


Plus, all the world is green as prices across the crypto space rally, with solana reaching a nearly two-week high