One year ago today, Purpose Investments Inc. (“Purpose”) made history by launching Purpose Bitcoin ETF (TSX ticker: BTCC), the world’s first Bitcoin ETF backed by physically settled Bitcoin. In only one month after its launch, the exchange-traded fund amassed $1 billion of assets under management (“AUM”), making it one of the fastest-growing ETFs of all-time and demonstrating the large demand for an easy and secure way to get exposure to Bitcoin. Today BTCC, which has over $1.6 billion of AUM, is an industry favourite for retail investors and institutions alike worldwide.
BTCC has become the largest Bitcoin spot ETF in the world in part because of its ability to accurately track performance to the underlying Bitcoin, giving the fund a competitive advantage over futures-based products and non-redeemable trusts. The fund also reduces frictions that retail and institutional investors have accessing the crypto space, giving retail investors a way to securely invest in Bitcoin without the high fees of transactions on crypto exchanges and providing institutions with a secure, easy way to trade, hold, allocate Bitcoin in their portfolios.
The Purpose Bitcoin ETF launch was only the starting point for Purpose’s plans to drive innovation in the crypto space globally. Over the course of 2021, Purpose built on its momentum by launching the world’s first Ether ETF, followed by the first three active crypto ETFs in the world. Purpose has now established itself as a global leader in digital asset management and has helped Canada become seen as a global cryptocurrency hub and home for leading innovation.
Purpose’s future crypto product roadmap is even more ambitious. We plan to expand our crypto offering into Australia through a strategic partnership with Cosmos Asset Management this year. Cosmos Asset Management has been at the forefront of the development and innovation around cryptocurrency ETFs in Australia, and this key partnership will deliver new product and investment options in the region. In addition, we plan to expand our suite of products in Canada with the anticipated launch of the Purpose DeFi Opportunities Fund on March 3.
“Crypto has become a core component in supporting our mindset when solving problems for our customers. By working at the frontier of finance and technology, we’re committed to drive innovation in this space and lead the next generation of asset management, wealth management, and SMB banking,” says Som Seif, founder and CEO of Purpose.
To commemorate its first year of crypto innovation, Purpose has minted an original limited-release Bitcoin NFT for its clients and partners. Moreover, to encourage our entire team to continue to develop curiosity with crypto and explore new use cases for blockchain technology, we helped set up personal digital wallets and gave $100 of Ether to every employee.
“We’re proud to celebrate one year of providing the easiest and most secure access to Bitcoin to everyone from small retail investors to the largest institutions in the world,” says Vlad Tasevski, Chief Operating Officer and Head of Product at Purpose, “This anniversary marks just the beginning of our work in crypto at Purpose. We’re eager to build on our foundation and lead from the front, driving crypto and DeFi innovations across all our business platforms.”
Purpose aims to continue to build bridges between the crypto community and financial services sector. Moreover, the firm’s parent company, Purpose Financial, remains dedicated to embracing blockchain technology to innovate outside of the world of investments.
Brian Mosoff, CEO of Ether Capital Corporation (NEO: ETH), a Canadian public company that invests in Ethereum and Web3 technologies and acts as a special consultant to Purpose, sees this anniversary as just one checkpoint on Purpose’s roadmap for future innovations.
"I've been involved in the cryptocurrency space for nearly a decade and the barriers to entry have always been high. Before BTCC's launch, retail investors would ask me how they could securely access the market without having to obtain a digital wallet. The launch last year was a game-changer and we're excited to continue working alongside Purpose to build on this momentum and make Toronto and Canada a global destination for crypto talent, development and investment," said Mosoff.
To check out the Purpose Bitcoin NFT, please visit: https://www.purposeinvest.com/nft. For more information about Purpose Bitcoin ETF, please visit: https://www.purposeinvest.com/funds/purpose-bitcoin-etf.
About Purpose Investments Inc.
Purpose Investments Inc. is an asset management company with approximately $14 billion in assets under management. Purpose has an unrelenting focus on client-centric innovation, and offers a range of outcome-focused products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.
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Purpose Investments Inc. (“Purpose”) and Ether Capital Corp. (“Ether Capital”) are affiliated entities. Ether Capital also provides consultation to Purpose on digital asset investment products.
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