Largest Canadian Bitcoin ETF Opens to Mutual Fund Investors

Purpose Investments, an institutional firm with more than $12 billion under management, on Wednesday announced the launch of mutual fund units 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,” said CEO and founder Som Seif. Mutual funds that allow investors exposure to Bitcoin have risen in demand by investors worldwide this year.

The Purpose Bitcoin ETF invests directly in Bitcoin allowing investors efficient exposure to Bitcoin without the associated risk and burden of self-custody.

The Purpose Bitcoin ETF aims to accurately reflect the price of Bitcoin, meaning its units may be purchased or redeemed at net asset value per unit of the applicable class without premiums or discounts, which might otherwise be associated with listed Bitcoin securities like Grayscale.

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