A podcast report by Coin Survey, 12 September 2018.
Allowing accredited investors to place funds in registered accounts such as a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP).
Essentially offering the exclusive opportunity to allow accredited investors to deposit their fund units into accounts which provide substantial tax benefits for retirement and savings purposes.
The trust will be available for purchase on NEO Connect, using the ticker FBCBT.
NEO Connect enables investment counselors to consistently and proficiently purchase and redeem the FBC Bitcoin Trust on behalf of their accredited investor clients, similarly in the manner they purchase and offer ETFs.
“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.
The trust will give investors introduction to bitcoin without acquiring, hold, or deal with the real bitcoins.
Trust units are considered a qualified investment in a mutual fund trust under the Tax Act, and the reserve has outperformed 150 unitholders in under a year since its dispatch.
First Block anticipates investors will start to move units in the first month in the FBC Bitcoin Trust. 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.