Bitcoin ETF: Accelerate Financial celebrates North American premiere in Canada
Many investors in the US are seeking a bitcoin ETF. One from investment firm Accelerate Financial has been approved in Canada. Meanwhile, SEC Commissioner Pierce is giving US investors hope.
Countless investors are on pins and needles when it comes to the topic of bitcoin ETFs in the US. Some applications from well-known institutions already exist. How the US Securities and Exchange Commission decides in these cases remains to be seen. So far, however, the attitude has been rather Bitcoin Machine restrictive due to the lack of regulatory requirements.
Now, however, neighbouring Canada has beaten the US to the punch. Namely, an exchange-traded bitcoin fund from investment firm Accelerate Financial has been approved there. This makes it the first officially approved bitcoin ETF in North America after the Ontario Securities Commission gave the institutional product the green light. The decision document was approved on Thursday, 11 February. The preliminary prospectus for the Accelerate Bitcoin ETF (ABTC) had only been filed with the Canadian securities regulator on 2 February.
Bitcoin has been one of the best performing asset classes on a 1-year, 3-year, 5-year and 10-year basis, both in absolute and risk-adjusted terms. Given Bitcoin’s historical track record and future potential, as well as its portfolio diversification characteristics, we look forward to offering investors exposure to the asset class in an easy-to-use, low-cost ETF.
Accelerate founder and CEO Julian Klymochko made the announcement.
SEC Commissioner Pierce endorses bitcoin ETP
When could this happen in the USA? Most recently, SEC Commissioner Hester Peirce made a promising statement on Coin Desk TV, but it only referred to ETPs. These already exist several times in Europe, a current example comes from Switzerland. ETP is the generic term for a whole range of exchange-traded investment products, which include Exchange Traded Funds (ETFs), Exchange Traded Commodities (ETCs) and Exchange Traded Notes (ETNs). However, ETFs are the only of these investments that are considered special assets and therefore also protect investors from the insolvency of the investment company.
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Peirce is considered by many crypto fans as a kind of hopeful at the SEC. It is not for nothing that she is nicknamed „crypto mom“. She pointed out how much people already craved crypto-based and listed investment products,
and so if we don’t give them the natural way, which I think would be an ETP, they will look for other (less optimal) ways to do it.
SEC Commissioner Peirce does not understand the arguments of many monetary watchdogs linking criminal activity to cryptocurrencies.