A Canadian cryptocurrency and blockchain investment company named First Block Capital Inc., has recently announced that its Bitcoin trust, named FBC Bitcoin Trust, has achieved a status of a mutual fund in the country.
This will allow investors to place funds in registered accounts such as the Tax-Free Savings Account (TFSA) or the Registered Retirement Savings Plan (RRSP). The trust is available on NEO Connect, which is a fund distribution platform, under the ticket FBCBT, and is available to accredited investors only. It can also be traded with the same efficiency and ease as trading ETFs. Meanwhile, NEO Connect is known for allowing daily settlements without the 30-day redemption clause.
As the CEO and co-founder of First Block stated when announcing the new mutual fund:
“At First Block, we provide investment exposure to Bitcoin by removing the complicated barriers to investing directly in the cryptocurrency.
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 mutual fund will work in a simple way. Advisors will be able to search for the symbol on NEO Connect and select the number of units they would like to “buy”, without any “bid” or “ask” spreads. This trust will give investors exposure to Bitcoin without the need of acquiring, holding or managing the actual Bitcoins.
Approved by the BCSC (British Columbia Securities Commission) and the OSC (Ontario Securities Commission), this mutual fund is the first of its kind in Canada.
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