First Block Capital has announced that one of its flagship products has now achieved mutual fund trust status.
Approved by the British Columbia Securities Commission and the Ontario Securities Commission, FBC Bitcoin Trust exposes accredited investors to bitcoin without having to acquire, store, or manage the underlying bitcoins.
FBC Bitcoin Trust exposes accredited investors to bitcoin without having to acquire, store, or manage the underlying bitcoins.
Now that FBC Bitcoin Trust has achieved mutual fund trust status, unitholders of a bitcoin investment can put units in a self-directed registered account such as an RRSP or TFSA.
The FBC Bitcoin Trust is also now available for purchase on NEO Connect, using the ticker FBCBT. NEO Connect allows investment advisors to purchase and redeem the FBC Bitcoin Trust on behalf of their accredited investor clients in the same way they buy and sell ETFs.
Founded by Shoes.com former co-founder and CRO Sean Clark, First Block Capital invests its own and investors’ capital in cryptocurrency and blockchain opportunities. Its investments to date include Vancouver-based RightMesh, Toronto-based Polymath, and Vancouver-based First Coin Capital, which was acquired by Galaxy Digital.
“Our team is excited to bring new opportunities for investors in Canada,” said Clark, CEO of First Block Capital. “Being a market leader in the cryptocurrency space will only open more doors and create new investment avenues. As the demand for bitcoin and other cryptocurrencies increases, it’s important for us to help educate the market and provide an accessible avenue for people to invest.”
First Block said it anticipates that the majority of investors in the FBC Bitcoin Trust will begin moving units within the first month. All transfers will be managed by registered broker-dealer firms that have worked closely with First Block to prepare for the launch of this fund.