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How to invest in the Purpose Bitcoin Yield ETF (BTCY)

Steps to owning and managing Purpose Bitcoin Yield ETF.

One of the world’s first physical Bitcoin ETFs to pay out a monthly dividend yield—the Purpose Bitcoin Yield ETF (TSX:BTCY)—has launched on Canada’s Toronto Stock Exchange (TSX). You’ll need a Canadian stock trading account to buy in.

How to buy the Purpose Bitcoin Yield ETF (BTCY)

  1. Compare online brokers. To invest in exchange traded funds (ETFs), you’ll need to sign up to an ETF broker platform. Our table below can help you choose.
  2. Open and fund your brokerage account. Complete an application with your personal and financial details, such as your ID and SIN number. Fund your account with a bank transfer, PayPal or debit card.
  3. Search for the Purpose Bitcoin Yield ETF. Find the ETF by name or ticker symbol: BTCY. Research its history to confirm it’s a solid investment against your financial goals.
  4. Purchase now or later. Buy today with a market order or use a limit order to delay your purchase until the Purpose Bitcoin Yield ETF reaches your desired price. To spread out your risk, look into dollar-cost averaging, which smooths out buying at consistent intervals and amounts.
  5. Decide on how many to buy. At today’s price, weigh your budget against a diversified portfolio that can minimize risk through the market’s ups and downs.
  6. Check in on your investment. Congratulations, you’ve invested in the Purpose Bitcoin Yield ETF. Optimize your portfolio by tracking how your ETF performs with an eye on the long term.

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What we know about BTCY ETF

The Purpose Bitcoin Yield ETF began trading on Friday December 3, 2021 in Canada under the ticker symbols TSX:BTCY, TSX:BTCY.B and TSX:BTCY.U. The BTCY.B fund is Canadian dollar denominated while the TSX:BTCY.U version is US dollar denominated. Neither option is currency hedged.

Launched by Purpose Investments and headed by CEO/founder Som Seif, the fund is designed to give investors exposure to the digital currency by investing indirectly in long-term holdings of Bitcoin.

It’s worth noting that other “Bitcoin-themed” or blockchain ETFs do exist, however, these track companies with exposure to digital currencies, rather than physical/digital Bitcoin. Similar to the Purpose Ether Yield ETF (ETHY), BTCY is one of the first direct custody Bitcoin ETFs that will regularly pay out dividends.

There are also several cryptocurrency funds available in Europe that behave similarly to ETFs. To check out other Bitcoin-related ETFs, check out our cryptocurrency ETF guide.

Compare brokers with access to the BTCY ETF on the TSX

1 - 4 of 4
Name Product Finder Rating Available Asset Types Stock Trading Fee Account Fee Signup Offer Table description
Interactive Brokers
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★★★★★
4.3 / 5
Stocks, Bonds, Options, ETFs, Currencies, Futures
min $1.00, max 0.5%
$0
N/A
Winner for Best Overall Broker in the Finder Stock Trading Platform Awards.
CIBC Investor's Edge
Finder Score:
★★★★★
3.8 / 5
Stocks, Bonds, Options, Mutual Funds, ETFs
$6.95
$0 if conditions met, or $100
100 free trades + up to $4,500 cash back
An easy-to-use platform with access to a variety of tools to help you trade with confidence.
Questrade
Finder Score:
★★★★★
4.3 / 5
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
$4.95 - $9.95
$0
Get $50 in free trades when you fund your account with a minimum of $1,000.
Opt for self-directed investing and save on fees or get a pre-built portfolio to take out some of the guesswork.
Qtrade Direct Investing
Finder Score:
★★★★★
3.7 / 5
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
$6.95 - $8.75
$0 if conditions met, otherwise $25/quarter
Get up to a $150 sign-up bonus. Use code OFFER2024. Ends October 31, 2024.
Low trading commissions and an easy-to-use platform with access to powerful tools and a wide selection of investment options.
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How to invest in ETFs

To find out more about ETFs, you can head to our guide on how to invest in exchange traded funds or click on the video below.

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product on the provider's website.

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