The first Bitcoin exchange-traded fund (ETF) in North America has been approved in Canada. The Bitcoin ETF was approved for investment firm Accelerate Financial.
Cointelegraph noted in a report that the decision document was approved on the 11th of February. The ETF covers selected locations such as British Columbia, Alberta, Saskatchewan, Quebec, and Nova Scotia. Other locations mentioned in the report are New Brunswick, Manitoba, Yukon, and Nunavut, Newfoundland and Labrador, Prince Edward Island, and Northwest Territories.
Before the approval, Accelerate Financial Technologies had filed and received a receipt for a preliminary prospectus. The investment firm filed for the Accelerate Bitcoin ETF (ABTC) with the Canadian securities regulators on the 2nd of February.
In the filing, Accelerate founder and CEO Julian Klymochko said:
“Bitcoin has been one of the best performing asset classes on a 1-year, 3-year, 5-year and 10-year basis, both absolute and risk-adjusted. Given Bitcoin’s historical track record and future potential, along with its portfolio diversification properties, we are looking forward to offering investors exposure to the asset class in an early-to-use, low-cost ETF.”
In addition, Accelerate noted in the filing that ABTC will offer units in US dollar and Canadian dollars, with a 0.70% management fee.
The preliminary prospectus also revealed that ABTC applied to list ABTC on the Toronto Stock Exchange (TSX).
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