Yesterday, First Block Capital Inc, a Canadian blockchain and cryptocurrency investment company, announced that its Bitcoin (BTC) trust has achieved mutual fund status in Canada. Due to this, it allows investors to place funds in registered accounts such as Registered Retirement Savings Plans (RRSP) or Tax-Free Savings Accounts (TFSA).
Bitcoin Mutual Fund
Block’s FBC Bitcoin (BTC) trust allows qualified investors to gain exposure to BTC without having to buy, store or manage the cryptocurrency. These trust units are considered a qualified investment for a mutual fund trust under the Tax Act.
“Since inception, First Block Capital has been committed to providing investors with regulated, titled and auditable exposure to investment vehicles based on blockchain and cryptocurrency,” said Sean Clark, Co-Founder, and CEO of First Block. “Our team is extremely proud to maintain our market leading position and will continue to execute our vision of creating a fleet of investible products dedicated to the space.”
The trust is available on NEO Connect, under the ticket FBCBT and is only available to accredited investors. Advisors are able to trade the fund with the same ease and efficiency as trading regular ETFs.
NEO Connect distributes 46 funds, managed by three asset managers, over 15 dealer networks. This comes to servicing nearly $600 million worth of assets.
“Today, for the first time in Canada, accredited investors working with investment advisors can seamlessly take positions in bitcoin through the FBC Bitcoin Trust,” said Joe Schmitt, president and CEO of NEO. “As the world evolves, we are very pleased our unique fund distribution platform can help the investment community access, with ease and efficiency, an ever-expanding spectrum of new and innovative asset classes.”
This Bitcoin mutual fund was approved by the OSC (Ontario Securities Commission) and BCSC (British Columbia Securities Commission) and marks the first product of its kind in Canada.
First Block Capital Inc expects most Bitcoin trust investors will start to move units and the beginning of next month.
Featured Image: Depositphotos/© szefei
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