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First Block Capital unveils Canadian regulated Bitcoin fund

Tony Zerucha

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First Block Capital  today announced its flagship product, the FBC Bitcoin Trust, has achieved mutual fund trust status. The designation allows unit holders to put them in a self-directed registered account such as an RRSP or TFSA.

Open to accredited investors only, 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. NEO Connect enables daily settlements, removing the previous 30 day redemption clause.

“Since inception, First Block Capital has been committed to providing investors with regulated, titled and auditable exposure to investment vehicles based on blockchain and cryptocurrency,” said Sean Clark, co-founder and CEO of First Block. “Our team is extremely proud to maintain our market leading position and will continue to execute our vision of creating a fleet of investible products dedicated to the space.”

FBC Bitcoin Trust said the trust units are considered a qualified investment for a mutual fund trust under the Tax Act, having exceeded 150 unit holders within one year of launching. FBC said the Bitcoin Trust is the first and only OSC and BCSC approved product of its kind in Canada, offering unit holders the exclusive opportunity to hold units of a bitcoin investment in their TFSAs and RRSPs.

“With this accomplishment, we continue to push Canada forward as a world leader in regulated blockchain and cryptocurrency investment vehicles,” said Marc van der Chijs, co-founder and CIO of First Block. “Our goal is to make investments in the digital currency asset class more accessible and we are one step closer to achieving this goal by allowing unit holders to place units in government sponsored tax efficient vehicles, and by providing daily liquidity through NEO Connect, a fund distribution platform with a rapidly growing dealer network.”

First Block said it anticipates 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.

The material is not to be construed as an offer or a recommendation to buy or sell a security. See full Terms of Service.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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