Purpose Investments, a $12 billion asset management firm, officially unveiled that mutual fund units for its digital currency exchange-traded funds (ETFs) will be accessible. For example, Purpose Bitcoin ETF and Purpose Ether ETF are both directly supported by BTC and ETH.
Purpose Investments Mutual Fund Units
According to a press statement from GlobeNewswire, the Purpose Bitcoin and Ether ETFs now have six mutual fund units accessible. Each ETF contains Class A and Class F units and non-hedged variations and non-hedged USD versions.
Each new product can be bought or exchanged at the asset’s net asset value per unit (Bitcoin or Ether). There will be no premiums or discounts because the offering could otherwise be linked with a listed security.
The introduction of mutual fund units for his cryptocurrency funds was anticipated, according to Som Self, CEO, and Founder of Purpose Investments:
“We’re happy to provide another easy and secure way for Canadian investors to gain exposure to Bitcoin and Ether in their portfolios. Offering a mutual fund platform that allows investors to get exposure to Bitcoin and Ether is a natural next step for us as we continue to establish our leadership and commitment to cryptocurrency as an emerging asset class.”
Options for Investing in Cryptocurrencies in Canada
In February of this year, The Purpose Bitcoin ETF became the world’s initial Bitcoin ETF, and it stays to be the biggest in Canada to date. Since then, the nation’s government has demonstrated extraordinary openness and collaboration with the digital currency business.
The country’s initial BTC and ETH Multi-Crypto ETF was authorized in the previous month, providing investors with combined access to the top two digital currencies. With this and other crypto ETFs in the nation, Canadians with no prior expertise with cryptocurrency may participate in the asset class without the danger of self-custody.
On the other hand, Canadian authorities have been more open about their policies in the digital asset market. The Canadian Securities Administrators issued more specific advertising restrictions to cryptocurrency trading platforms a few weeks ago to avert a lawsuit.