If anyone has tried to purchase bitcoin, you have learned that it is not THAT easy. It’s possible, yes, but there are a lot of mechanical steps that go into it. And if you want to transfer the Bitcoin or cash out, it’s not as easy as 1-2-3. Although I am not recommending or vouching for the product described here, it does seem to have some benefits vs. owning underlying bitcoin. The world’s first bitcoin exchange-traded fund, called The Purpose Bitcoin ETF (BTTC), has had an impressive start, taking in about $600M after launching the last week in February. The ETF is the first physically settled bitcoin ETF to win approval and begin trading – in Canada. It gives investors a more direct way to invest in bitcoin relative to other closed-end funds like Grayscale Bitcoin Trust (GBTC) but a less direct way to invest than owning bitcoin directly through an individual wallet.
Interestingly, the Purpose Bitcoin ETF has seen inflows worldwide on both the retail and institutional sides. This ETF launch follows in the footsteps of another significant advance in the cryptocurrency world – namely that direct seller Coinbase filed with the Securities and Exchange Commission to go public via a Nasdaq direct listing. So if you are considering adding Bitcoin to your portfolio, you have a new option in BTTC.
