According to the latest information, a Bitcoin exchange fund has been approved for investment firm Accelerate Financial in Canada. This makes the aforementioned Bitcoin ETF the first Bitcoin ETF officially approved in North America after the Ontario Securities Commission gave the green light for the corporate product.
Big Step From Canada
According to the statements made, the decision document was approved on Thursday, February 11, and covers the following regions: British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Northwest Territories, Yukon, and Nunavut.m Accelerate Financial Technologies, on the other hand, had a preliminary meeting with Canadian securities regulators for Accelerate Bitcoin ETF (ABTC) on February 2.
The firm added that the Bitcoin ETF would offer units in both the United States and Canadian dollars with a 0.7% management fee, adding that it has applied to list ABTC units on the Toronto Stock Exchange.
Meanwhile, senior analyst at Bloomberg, Eric Balchunas, believes the Canada fund is a “good sign” for a U.S.-sanctioned bitcoin ETF.
“Gotta love their [Canada’s] liberal regulators, or perhaps they’re normal and SEC [Securities and Exchange Commission] too conservative,” tweeted Balchunas. “Either way, U.S. usually follows shortly after.”
The firm also has several projects, including OneChoice Alternative Portfolio ETF, which was recently launched as the country’s first fund, enabling one-step investment in multiple alternative asset classes and investment strategies, including Bitcoin, gold, arbitrage, and private credit. It also offers other ETFs.
In mid-January, Canadian mutual fund manager Arxnovum also submitted a Bitcoin ETF report to the Ontario Securities Commission.