One of the world’s first physical Bitcoin ETFs to pay out a monthly dividend yield—the Purpose Bitcoin Yield ETF (TSX:BTCY)—has launched on Canada’s Toronto Stock Exchange (TSX). You’ll need a Canadian stock trading account to buy in.
How to buy the Purpose Bitcoin Yield ETF (BTCY)
- Compare online brokers. To invest in exchange traded funds (ETFs), you’ll need to sign up to an ETF broker platform. Our table below can help you choose.
- Open and fund your brokerage account. Complete an application with your personal and financial details, such as your ID and SIN number. Fund your account with a bank transfer, PayPal or debit card.
- Search for the Purpose Bitcoin Yield ETF. Find the ETF by name or ticker symbol: BTCY. Research its history to confirm it’s a solid investment against your financial goals.
- Purchase now or later. Buy today with a market order or use a limit order to delay your purchase until the Purpose Bitcoin Yield ETF reaches your desired price. To spread out your risk, look into dollar-cost averaging, which smooths out buying at consistent intervals and amounts.
- Decide on how many to buy. At today’s price, weigh your budget against a diversified portfolio that can minimize risk through the market’s ups and downs.
- Check in on your investment. Congratulations, you’ve invested in the Purpose Bitcoin Yield ETF. Optimize your portfolio by tracking how your ETF performs with an eye on the long term.
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What we know about BTCY ETF
The Purpose Bitcoin Yield ETF began trading on Friday December 3, 2021 in Canada under the ticker symbols TSX:BTCY, TSX:BTCY.B and TSX:BTCY.U. The BTCY.B fund is Canadian dollar denominated while the TSX:BTCY.U version is US dollar denominated. Neither option is currency hedged.
Launched by Purpose Investments and headed by CEO/founder Som Seif, the fund is designed to give investors exposure to the digital currency by investing indirectly in long-term holdings of Bitcoin.
It’s worth noting that other “Bitcoin-themed” or blockchain ETFs do exist, however, these track companies with exposure to digital currencies, rather than physical/digital Bitcoin. Similar to the Purpose Ether Yield ETF (ETHY), BTCY is one of the first direct custody Bitcoin ETFs that will regularly pay out dividends.
There are also several cryptocurrency funds available in Europe that behave similarly to ETFs. To check out other Bitcoin-related ETFs, check out our cryptocurrency ETF guide.
Compare brokers with access to the BTCY ETF on the TSX
How to invest in ETFs
To find out more about ETFs, you can head to our guide on how to invest in exchange traded funds or click on the video below.
Looking for other Purpose ETFs?
How to buy the Purpose Ether Yield ETF (ETHY)
One of the world’s first Bitcoin ETFs to pay a monthly dividend yield is launching on the TSX. Here’s how to invest in Canada.
Read more…How to buy Purpose Crypto Opportunities ETF (CRYP)
Purpose Investments is preparing to launch another crypto ETF, which will give investors broad exposure to the cryptocurrency industry.
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