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Canadian Bitcoin Fund Gets Mutual Fund Trust Status

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Canada's First Block Capital Inc. said its flagship product FBC Bitcoin Trust, which is now available for accredited investors only, has now achieved mutual fund trust status.

According to the company, investors in Canada's first and only regulated bitcoin fund can now put their fund units in self-directed registered accounts as a Registered Retirement Savings Plan or RRSP and a Tax-Free Savings Account or TFSA. The company expects the majority of investors in the fund to begin moving units within the first month.

First Block noted that the fund allows qualified investors to obtain exposure to bitcoin without having to acquire, store, or manage the underlying bitcoins.

Under the Tax Act, the trust units are considered a qualified investment for a mutual fund trust, having exceeded 150 unit holders within one year of launching.

The fund is also available for purchase on NEO Connect, giving easy access for investment advisors. They can purchase and redeem the fund on behalf of their accredited investor clients in the same way they buy and sell ETFs.

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