North America’s first Bitcoin exchange-traded fund began trading on the Toronto Stock Exchange Thursday.
The ETF, developed by Toronto-based Purpose Investments, was approved for trading last week by the Ontario Securities Commission.
Purpose’s ETF is the first of two Bitcoin ETFs expected to launch on the Toronto Stock Exchange this week.
The ETFs will allow retail investors to gain access to Bitcoin investments without actually owning the asset directly.
The launch of Purpose’s ETF comes amid a surge in the prices of Bitcoin and other cryptocurrencies, with Bitcoin hitting an all-time high of around C$66,500 on Wednesday.
Regulators had previously held off on approving a Bitcoin ETF, citing the potential for market manipulation and concerns about how to store the assets securely.