Several US companies tried to get the first Bitcoin ETF approved by submitting their applications to the US Securities and Exchange Commission for approval, but not all of them failed to gain approval.

While things are going more smoothly in “Canada”, the neighboring country of the United States of America.

The first Bitcoin ETF is officially approved in Canada:

Today, Canadian regulators gave the go-ahead for a Bitcoin “ETF” proposal, which would be a first in North America.

A Bitcoin ETF is similar to a mutual fund in that it directly tracks a specific set of financial assets, but it is listed on exchanges and traded like stocks.

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According to sourceThe Bitcoin ETF will be traded on the Toronto Stock Exchange using the ticker symbol “BTCC.U.”

The fund will only buy bitcoin, and investors can buy in Canadian dollars or US dollars.

Although this is the first Bitcoin ETF in North America, Canada and the United States actually have similar investment vehicles, but the regulatory policy is not the same.

Canadian regulators approved 3iQ’s proposed Bitcoin fund in 2019, and last year they did the same with the Ethereum fund proposal.

Such funds allow investors to buy shares in Bitcoin or Ethereum, with a limited time period to buy in.

The Bitcoin Trust reached $180 million on the Toronto Stock Exchange earlier this year.

Trusts differ from ETFs because, although they provide exposure to an asset, they are private and less liquid.

Ladies and gentlemen, we have our first publicly traded number # bitcoin ETF 🚀 in North America!!! pic.twitter.com/WdSAq2aWFJ

– MAGS 🟧 (Crypto_Mags) February 11, 2021

Magdalena Gronowska, who helped launch 3iQs Bitcoin Index Trading Fund, said:

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This is great news for investors.

The new fund offers more options for individual and institutional investors to allocate bitcoin, without the premium of closed-end funds like “Grayscale” or “3iQ’s”

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“ETF is an eligible vehicle for registered accounts.

Gronowska explained that this means the ETF can be incorporated into Canada’s retirement and educational savings accounts, which are the equivalent of IRAs and 529s in the United States.

Other companies have submitted initial preliminary proposals for bitcoin ETFs last month.

The Accelerate Bitcoin ETF from Accelerate Financial Technologies and the Arxnovum Bitcoin ETF from Arxnovum have not yet been approved.

Several US ETFs were rejected by US securities regulators, including offers from investment firm VanECK and financial services firm Wilshire Phoenix.

Although Bitcoin had trouble breaking through regulatory hurdles in North America, that didn’t stop the first ETF from emerging in Bermuda.

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