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Posted by Purpose Investments on Feb 20th, 2024

Purpose Investments Marks Three-Year Anniversary of the World’s First Bitcoin ETF

Global crypto leader celebrates three years of easy and secure physical Bitcoin access.

Toronto, February 20, 2023 – Three years ago Sunday, Purpose Investments Inc. (“Purpose”) made history by launching the Purpose Bitcoin ETF (TSX: BTCC), the world’s first Bitcoin ETF backed by physically settled Bitcoin. Within its first month, the exchange-traded fund surpassed $1 billion of assets under management, making it one of the fastest-growing ETFs of all time and an early indicator of the large demand for an easy and secure way for investors to own Bitcoin. Today, BTCC – which has over $2 billion of AUM – remains an industry favourite for retail investors and institutions alike worldwide.

BTCC is one of the largest spot Bitcoin ETFs in the world in part because of its track record of accurately tracking the performance to the underlying Bitcoin while reducing frictions that retail and institutional investors previously had accessing and owning Bitcoin. Purpose’s pioneering role in innovating and establishing spot Bitcoin ETFs set a benchmark for the rest of the world – particularly the US market, which saw the Securities and Exchange Commission (SEC) approve similar products replicating much of the proven structure only recently this year.

“We love solving problems for our customers, and this led to the critical structural components to launch the first Bitcoin ETF,” says Som Seif, founder and CEO of Purpose. “When you look at what we accomplished, we’re now globally seeing others take what we innovated and bring that to their markets, and that’s really exciting to see.”

Purpose aims to continue building bridges between the crypto and traditional financial services and investors. Moreover, the firm’s parent company, Purpose Unlimited, remains dedicated to embracing blockchain technology to innovate financial services more broadly.

“The launch of BTCC was a game-changer, not just here at Purpose, but worldwide,” says Greg Taylor, Purpose’s Chief Investment Officer. “Having safe and secure ways for investors to own Bitcoin and crypto is critical to broadening access and bringing the asset category more mainstream, and we’re so proud to continue to lead in this.”

In addition to the Purpose Bitcoin ETF, Purpose remains committed to not only providing access to digital assets but also educating investors. The Purpose Ether ETF (TSX: ETHH) was the world’s first ETF backed by physically settled Ether tokens, providing investors with an easy and secure way to own Ether. Both BTCC and ETHH have options listed on The Montreal Exchange, and exposure to the tokens themselves is also offered in an actively managed covered call strategy to generate yield for investors with the Purpose Bitcoin Yield ETF (TSX: BTCY) and the Purpose Ether Yield (TSX: ETHY), respectively. Purpose has also developed the Purpose Crypto Corner to provide an educational hub that gives investors the knowledge and tools to understand the digital asset space.

About Purpose Investments Inc.

Purpose Investments Inc. is an asset management company with more than $19 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

For further information, please contact:
Keera Hart

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