Canadian Bitcoin Trust is an open-ended unit trust established under the laws of British Columbia. The Trust’s business activities involve raising capital through the issuance of trust units and investing the capital raised in accordance with the Trust's investment objective. The investment objective of the Trust is to track the market price of bitcoin, less the Trust’s liabilities and expenses, by investing the assets of the Trust in bitcoin. The only investments of the Trust will be direct investments in bitcoin. An investment in the Trust is designed to provide investors with a cost effective and convenient way to invest in bitcoin.
|Investment Objective||Track the bitcoin market price|
|Investor Qualifications||Accredited Investors, Friends, Family and Business Associates, and Crowdfunding Investors|
|Minimum Investment Requirement||C$500|
|Administrative and Safekeeping Fee||1.5% annually|
|Subscriptions||On Business Days|
|Redemptions||Last business day of the month|
|RRSP, TFSA Eligibility and Other Self-Directed Accounts||After 150 investors|
|Sponsor||First Block Capital Inc.|
|Trustee||Computershare Trust Company of Canada|
|Administrator||SGGG Fund Services Inc.|
|Legal Counsel||Borden Ladner Gervais LLP|
Canadian Bitcoin Trust
Canadian Bitcoin Trust is sponsored and promoted by First Block Capital Inc. As the sponsor of the Trust, First Block Capital is responsible for managing and directing the undertaking, operations and affairs of the Trust. This includes managing and directing the investments of the Trust and providing all necessary clerical, administrative and operational services.
The investment objective of the trust is to track the market price of bitcoin, less the Trust’s liabilities and expenses, by investing the assets of the Trust in bitcoin. The only investments of the Trust will be direct investments in bitcoin.
Your investment in the Trust will be represented by Series B units. Each Series B unit represents an equal, undivided beneficial interest in and ownership of the net assets of the Trust attributable to that series. Series B units are not transferable, except in very limited circumstances. However, unit-holders have the right to redeem their units at certain times if they follow the procedures we have established.
Bitcoins are a digital commodity based on an open source protocol. Bitcoins are not issued by any government, bank or central organization, and instead exist on an online, peer-to-peer computer network (the “Bitcoin Network”) that hosts a public transaction ledger where bitcoin transfers are recorded (the “Blockchain”). The Bitcoin Network is accessed through software, and software governs bitcoin creation, movement and ownership.
Bitcoins have no physical existence beyond the record of transactions on the Blockchain. The Blockchain is a public record of the creation, custody and flow of funds of bitcoins, showing every transaction effected on the Blockchain among users’ online “digital wallets” where their bitcoins are effectively stored.
All transactions on the Bitcoin Network are secured using public-key cryptography, a technique which underpins many online transactions. Public-key cryptography works by generating two mathematically related keys (one a public key and the other a private key). In the case of bitcoin transactions, the public key is an address (a string of letters and numbers) that is used to encode payments, which can then only be retrieved with its associated private key, which is used to authorize the transaction.
The goal of the Canadian Bitcoin Trust is to buy bitcoin and securely store the coins on behalf of its investors. The trust will track the bitcoin market price.
First Block Capital will charge a 1.5% management fee.
July 23, 2017
Previously, buying Bitcoin required a seasoned level of knowledge to navigate the technical transaction process. Investors were also required to securely store the Bitcoin they purchased. First Block Capital’s partnership with FrontFundr simplifies the process by allowing investors to buy units of the Canadian Bitcoin Trust.
To continue reading this great article on theblockchain.com, click here.
The Globe and Mail - Ian McGugan
July 23, 2017
Today's hottest investment is digital currency. You want to learn more about Bitcoin's investment, read more about the Canadian Bitcoin Trust.
July 18, 2017
With crypto-currency poised to become a new asset class, Canadian Bitcoin Trust is the first opportunity for all Canadians to be able to invest in Bitcoin securely. Trust allows eligible investors to easily invest in Bitcoin through traditional channel.
Max Greenwood - Techvibes
July 18, 2017
The overall value of Bitcoin and other cryptocurrencies has risen from $30 billion in December 2016 to over $100 billion in June. Many investors have expressed serious interest in buying into the market but until now there have not been secure and reputable methods to do so. Transaction processes were very technical and the idea of an online only currency that did not have extensive regulation was daunting.
First Block Capital’s new announcement with FrontFundr simplifies the method and removes roadblocks for investors...
BMO Capital Markets
July 17, 2017
Bottom Line: While we have seen a surge in demand from cryptocurrency mining in 2Q for GPU cards, we are not at all bullish on the sustainability of this demand. We see quite a few similarities to 2013/2014, with cryptocurrency devaluing significantly, profitability for miners shrinking rapidly, down roughly 80% in two months, and, with a potential change coming in how miners are compensated in Ethereum, from ‘Proof of Work’ to ‘Proof of Stake.’ Our analysis suggests that Ethereum alone created roughly 3-5 million cumulative GPU demand as of mid-July.
In this note, we attempt to answer a few questions on cryptocurrency mining and its impact on GPU demand...
Read the full article here.
July 12, 2017
Bitcoin and other cryptos have fallen sharply over the past month in a shakeout that saw some of the early longs decide to take their winnings and walk away. But a 20% drop from the all-time highs hasn’t done much to temper wealthy investors interest in bitcoin and other cryptocurrencies as alternative investments potentially worthy of diversification...
July 07, 2017
July 05, 2017
It appears a trend is taking shape. Following a former Goldman HFT trader's massive initial coin offering, another Wall Street-er has come to the dark side of virtual currencies. A former senior manager at consulting firm Bain & Company, is launching a Bitcoin fund, providing access to the cryptocurrency to...