NEO Connect is pleased to announce that the First Block Capital Bitcoin Trust (“FBC Bitcoin Trust”) is now available on its fund distribution platform. As the first investment product of its kind in Canada and the only open-ended Bitcoin fund approved by the Canadian regulators, the FBC Bitcoin Trust enables accredited investors to get exposure to Bitcoin. The FBC Bitcoin Trust, which is eligible for accredited investors only, now allows unit holders to put units in a self-directed registered account such as an RRSP or TFSA.
The FBC Bitcoin Trust is available on NEO Connect under the symbol FBCBT. NEO Connect distributes 46 funds from three asset managers across 15 dealer networks, with close to $600 million in total assets serviced. It is Canada’s first and only fund distribution platform that allows prospectus and private/offering memorandum (OM) funds to be purchased and redeemed the same ways as buying and selling ETFs.
“At First Block, we provide investment exposure to Bitcoin by removing the complicated barriers to investing directly in the cryptocurrency. As the market leader in providing investment vehicles based on blockchain and cryptocurrency in Canada, we are very happy to make our fund more accessible to the accredited investor community,” said Sean Clark, Co-Founder and CEO of First Block Capital. “In this fast-changing world, NEO is the perfect partner with whom we have seized the opportunity to grow our fund within their proven and rapidly expanding fund distribution network.”
Using NEO Connect, investment advisors can purchase and redeem the FBC Bitcoin Trust with the same ease and efficiency as they trade ETFs. They look up the symbol using their existing equities trading tools, choose the number of units they want and hit “buy”. The order executes at the end of the day at NAV, without any bid/ask spreads. The resulting position is automatically integrated into the client accounts – it’s that simple.
“Today, for the first time in Canada, accredited investors working with investment advisors can seamlessly take positions in Bitcoin through the FBC Bitcoin Trust,” added Jos Schmitt, President & CEO, NEO. “As the world evolves, we are very pleased our unique fund distribution platform can help the investment community access, with ease and efficiency, an ever-expanding spectrum of new and innovative asset classes. Once again, innovators are meeting on NEO.”
About NEO Connect
NEO Connect is Canada’s new fund distribution platform launched in May 2016 within the Aequitas Innovations Inc. group of companies. NEO Connect is a complementary offering to the NEO Exchange, Canada’s next generation stock exchange that puts the needs of investors, businesses looking to raise capital and dealers first.
NEO Connect is available to all investment dealers at no cost and streamlines the fund purchase and redemption process, making it easier and more cost-effective for advisors to transact and asset managers to distribute their products. An initial test trade can be organized and executed within 24 hours. To arrange a test or learn more, contact the NEO investor helpline toll-free at 1-844-567-6424 or visit: https://www.aequitasneo.com/en/connect/neo-connect
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