Purpose Investments, an asset management firm behind the world’s first Bitcoin exchange-traded fund (ETF), has announced that it is launching mutual fund units for its crypto ETFs. The mutual fund units will be available for the firm’s Purpose Bitcoin ETF and Purpose Ether ETF, backed by Bitcoin and Ethereum, respectively.
Purpose Investments is one of the largest cryptocurrency asset management firms in Canada. It has more than $12 billion in assets under management.
Purpose Investments Creating Mutual Fund Units
A press release on the issue by the firm stated that the launch would initially start with six mutual fund units. The six funds will be available for both Bitcoin and Ethereum ETFs. Each ETF will carry both Class A and Class F units. It will also involve other non-hedged variants and non-hedged USD variants.
The announcement further dictates that each new product will be acquired at the net asset value per unit of the underlying asset, which is Bitcoin and Ethereum in this case. The purchase will be completed at zero premiums and discounts because the units could be