North takes the lead – Canada validates first Bitcoin ETF

Canada has no fools – In the news series about the massive adoption of bitcoin by the international financial sphere, there are some announcements that are more defining than others. And the birth of North America’s first Bitcoin ETF promises to be part of it, as the pressure from investors is growing.

A new front door

The ETF, or tracker , is a financial product that will replicate the fluctuations of an index – in our case, bitcoin. A trader will be able to trade it like any other financial market, here on the Toronto Stock Exchange. This can clearly be seen as a sign of the change in mentality that is taking place in the minds of institutions towards the king of crypto-assets.

This is the first time that a digital asset will have the “index” role traditionally endorsed by commodities or synthetic referents, such as the CAC 40. The bitcoins concerned will then be stored physically cold , as is already the case for index gold.

Efforts that bear fruit

The company Purpose Investments , at the origin of the project, offered the services of Gemini Trust to carry out its negotiations with the Canadian government. This famous investment fund is managed by the Winklevoss twins , who became famous for having challenged the paternity of the social network Facebook to Marc Zuckerberg.

The project of an ETF stamped „BTC“ is not new, since in 2017, Gemini had already filed a similar request to the US regulatory authorities. The SEC then refused all ETF proposals, tirelessly, claiming the immaturity of the market at the time. The enthusiasm of the last few weeks must therefore have convinced Canadian decision-makers that the time had come to give the most illustrious digital currency a chance .

Canada wants to take on the role of pioneer and should soon convince other countries keen on such an opportunity. The USA have also been strongly encouraged by their major investors to quickly follow suit. From there to seeing the SEC change its mind, there is only one step… But will it really end up being crossed?