Post says appetite for Purpose Bitcoin still strong 2021-05-17 09:03 ET - In the News
See In the News (C-BTCC) Purpose Bitcoin ETF
The Financial Post reports in its Saturday edition that for investors with a more cautious approach to cryptocurrencies, and who would prefer to avoid the headache of setting up crypto wallets and accounts on exchanges, they also have the option of investing in exchange-traded funds (ETFS) that track the currencies instead of the coins themselves. The Post's Stephanie Hughes writes that Canada was the first country in the world to offer Bitcoin ETF options through the Purpose Bitcoin ETF. Since its launch in mid-February, this ETF has reached $1.3-billion in assets under management. Ethereum is another cryptocurrency that is quickly finding its way into ETF options. In late April, three Ethereum ETFs, from CI Global Asset Management, Evolve ETFs and Purpose Investments, began trading after being approved by Canadian regulators. Michael Bucella at crypto and blockchain investment firm Blocktower Capital said the ETF option offers more flexibility to crypto investors and will hasten the adoption rate, with financial services eyeing this space to expand investment offerings. "I think for anyone where convenience is the priority over security or flexibility of the asset, that an ETF makes sense," Mr. Bucella said.