Canada Witnesses Launch of Bitcoin Mutual Fund

By Ravindra Chagetha

FBC Bitcoin, Bitcoin Trust of the Canadian Blockchain and cryptocurrency investment company, First Block Capital Inc. (FBC) has recently achieved mutual fund status in Canada.

The trust has been approved by the British Columbia Securities Commission (BCSC) and Ontario Securities Commission (OSC). Now the investors will be able to place the funds in their registered accounts such as Tax-Free Saving Accounts (TFSA) or Registered Retirement Saving Plan (RRSP). FBC Bitcoin is the first and only product to get the approval of its kind in Canada.

Co-founder and chief executive officer of First Block Capital, Sean Clark said that the company is going to provide investment exposure to bitcoin by removing the complicated barriers of investing directly in the cryptos. First Block Capital is the market leader in offering blockchain and crypto-based investment vehicles in Canada. The company is looking forward to making the FBC Bitcoin more accessible to the accredited investor community.

FBC Bitcoin is available on the fund distribution platform, NFO Connect. The ticker for FBC Bitcoin is FBCBT. Currently, the trust is only available for accredited investors. The investors can deposit funds into accounts to take the tax benefits for retirement and saving purpose. Investment advisors can trade the FBC Bitcoin with the same efficiency and ease as trading Exchange Traded Funds (ETFs). NEO Connect has removed the 30 days redemption clause and now it is allowing daily settlements.

With the trust, investors can have the exposure of bitcoins without holding or managing the actual bitcoins. To trade on the NEO Connect the advisors have to search the symbol and select the units which they want to buy. Once the advisors hit the buy button the order executes at the end of the day at net asset value, without bid or ask spreads.

President and CEO of NEO, Joe Schmitt said that we have created a unique fund distribution platform which can help the investment communities to access the new and innovative asset class with ease and efficiency. He also said that our goal is to make the investments in digital assets more accessible and to make Canada a world leader in regulated blockchain and cryptocurrency vehicles.

Ravindra Chagetha

His interests and the desire to learn something new cannot be neglected as he is always keen to learn new things.

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