A Bitcoin exchange traded fund (ETF) for investment entity Purpose Investments has reportedly received regulatory greenlight from Ontario Securities Commission to operate across Canada. 

Specifically, The Purpose Bitcoin ETF will reportedly be the first throughout the globe to have BTC-enabled settlement in a physical manner. 

“The ETF will be the first in the world to invest directly in physically settled Bitcoin, not derivatives, allowing investors easy and efficient access to the emerging asset class of cryptocurrency,”

An ETF style product designed by 3iQ has reportedly obtained approval from Canadian regulators in 2020 and later finalized its listing on the Toronto Stock Exchange. Nonetheless, it was a closed end fund instead of one generating units in a continual manner. 

The decision document received the greenlight on Thursday, Feb. 11, and covers these regions – British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Northwest Territories, Yukon and Nunavut.

It reportedly revealed that the fund will offer units with denominations in both US and Canadian dollars with a 0.7% management fee, further claimed that it has finalized the listing application for ABTC units on the Toronto Stock Exchange.

Arthur Salzer, Head of Northland Wealth Management, reportedly disclosed that he “thinks the OSC is doing the right thing allowing for an ETF,” adding “it gets rid of some of the negatives of the current funds.”

Accelerate Financial Technologies has reportedly also submitted the filing and acquired  a receipt for a preliminary prospectus with Canadian securities regulators for the Accelerate Bitcoin ETF (ABTC) on Feb. 2.