The Company Behind the World’s First Bitcoin ETF Launches Mutual Crypto Fund Units

Purpose Investments – an asset management company with $12B+ in AUM – recently announced that mutual fund units would be available for its cryptocurrency exchange-traded funds (ETFs). These include its Purpose Bitcoin ETF and Purpose Ether ETF, each directly backed by BTC and ETH respectively.

Purpose Investments Mutual Fund Units

As indicated in a press release from GlobeNewswire, there are now six mutual fund units available for both the Purpose Bitcoin and Ether ETFs. These include Class A and Class F units for each ETF, alongside their non-hedged variants and their non-hedged USD variants.

Each new product may be purchased or redeemed at net asset value per unit of the related asset (Bitcoin or Ether). This will be done without any premiums or discounts, as the offering “might otherwise be associated with a listed security.”

Som Self – CEO and Founder of Purpose Investments – said the addition of mutual fund units for his crypto funds was expected:

“We’re happy to provide another easy and secure way for Canadian investors to gain exposure to Bitcoin and Ether in their portfolios. Offering a mutual fund platform that allows investors to get exposure to Bitcoin and Ether is a natural next step for us as we continue to establish our leadership and commitment to cryptocurrency as an emerging asset class.”

Canada’s Crypto Investment Options

The Purpose Bitcoin ETF became the world’s first Bitcoin ETF in February of this year and remains the largest in Canada to date. Ever since, the country’s government has shown remarkable openness to and cooperation with the crypto industry.

Last month, the nation approved its first BTC and ETH Multi-Crypto ETF, allowing for combined exposure to the top two cryptos. Alongside other crypto ETFs in the country, Canadians inexperienced with crypto can easily invest in the asset class without associated self-custody risks.

Comparatively, Canadian regulators have been more forthcoming and transparent regarding their rules in the digital asset industry. Weeks ago, the Canadian Securities Administrators provided more precise advertising guidelines to crypto trading platforms so as to avoid a lawsuit.