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Canada gets the creds for launching the first bitcoin ETF in North AmericaINTL

Canada gets the creds for launching the first bitcoin ETF in North America

Owning bitcoin (BTC) just became even more accessible! North America’s first bitcoin exchange traded fund (or ETF, for short), was approved by the Ontario Securities Commission and began trading on the Toronto Stock Exchange. The bitcoin ETF (BTCC) was developed by Purpose Investments, a Toronto-based investment management company.

BTCC tracks the price of bitcoin but trades like a stock. It gives investors access to bitcoin without having to own the asset directly. On Friday, the ETF closed up 31 cents from its debut price to $10.60. According to Bloomberg, BTCC’s trading volumes are well above an ETF’s typical first day, even in the much bigger US market.

why it matters
The launch of BTCC comes as bitcoin soars to new, all-time highs. Previously, regulators had been cautious to approve a bitcoin ETF due to the potential for market manipulation - so this is a step in the right direction to take the asset mainstream.