Bitcoin Mutual Fund Launches in Canada

in crypocurrency •  last month

First Block Capital Inc., a Canadian cryptocurrency and blockchain investment company, has announced that its bitcoin trust, FBC Bitcoin Trust, has achieved mutual fund status in Canada, allowing investors to place funds in registered accounts such as a Tax Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP).

The trust is available on NEO Connect, a fund distribution platform, under the ticker FBCBT, and is available to accredited investors only. Advisors can trade the fund with the same efficiency and ease as trading ETFs.
Simplifying Market Exposure
“At First Block, we provide investment exposure to bitcoin by removing the complicated barriers to investing directly in the cryptocurrency,” Sean Clark, CEO and co-founder of First Block, said in a prepared statement. “As the market leader in providing investment vehicles based on blockchain and cryptocurrency in Canada, we are very happy to make our fund more accessible to the accredited investor community. In this fast-changing world, NEO is the perfect partner with whom we have seized the opportunity to grow our fund within their proven and rapidly expanding fund distribution network.”

The advisors search for the symbol on NEO Connect with existing equities trading tools and select the number of units they want to purchase on behalf of their clients. Once they hit “buy,” the order executes at the end of the day at net asset value, without “bid” or “ask” spreads. The resulting position automatically integrates into the client accounts.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://news.coinpath.io/bitcoin-mutual-fund-launches-in-canada/