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The “world’s first” physical Bitcoin exchange traded fund (ETF), the Purpose Bitcoin ETF (TSX:BTCC), has officially launched on Canada’s Toronto Stock Exchange (TSX). This means you can now buy units in the ETF through a global stock broker or online share trading platform.
While this is simple enough if you’re Canadian, Kiwis who want to invest in BTCC will need to do a little homework. There are limited brokers that offer Canadian stocks or ETFs in New Zealand and the process isn’t quite as simple as buying into US securities.
Popular share trading platforms such as Sharesies, Hatch and Stake don’t offer access to the TSX, but all is not lost. ASB Securities does allow traders to invest in Canadian shares and ETFs, but it’s worth pointing that interested traders will have call to ASB and make their buys over the phone – online trading is not an option for non-NZ or AU shares through ASB.
What we know about BTCC
The Purpose Bitcoin ETF began trading on Thursday in Canada under the ticker symbols TSX:BTCC.B and TSX:BTCC.U. The BTCC.B fund is Canadian dollar denominated while the TSX:BTCC.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 in physically settled Bitcoin.
Although it has been called “the world’s first Bitcoin ETF” by the TSX, it’s worth noting that other “Bitcoin-themed” or blockchain ETFs do exist, although they track companies with exposure to digital currencies, rather than physical/digital Bitcoin. BTCC is the first direct custody Bitcoin ETF.
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.
There are no cryptocurrency ETFs listed on the New Zealand Exchange (NZX).
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