News summary: BTCC

Summary: BTCC

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The first Bitcoin (CCC:BTC) exchange-traded fund (ETF) in North America launched this week on the Toronto Stock Exchange and the Purpose Bitcoin ETF (TSX:BTCC) didn’t disappoint, with $165 million worth of shares changing hands in just the first day of trading. [1]

It’s called the Purpose Bitcoin ETF, and it trades under the symbol “BTCC”. [2]

While other close-ended cryptocurrency funds have been traded on TSX and via other platforms, BTCC is the first ETF offering, and comes at a pivotal moment for cryptocurrency investment, as the total market value of bitcoin surpassed $1 trillion Friday morning. [1]

It’s designed to provide investors with exposure to the leading cryptocurrency by investing directly in physically settled bitcoin. [4]

Bitcoin pioneers Cameron and Tyler Winklevoss tried to start one way back in 2013, but it was rejected by the Securities and Exchange Commission (SEC). [] The crypto awakening is early, and with few regulations in place, it is a bit like the wild west. [] VanEck filed an application with the SEC, and four weeks ago today Valkyrie Digital Assets also filed for a fund to be listed on the New York Stock Exchange. [2]The action proves that bitcoin and its smaller peers — the altcoins […]— are here to stay. [2]

Fuentes: Yahoo Finance, Reuters, The Street, MarketWatch, Yahoo News

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