VANCOUVER, British Columbia--(BUSINESS WIRE)--Please replace the release dated September 10, 2018 with the following corrected version due to multiple revisions.
The corrected release reads:
FBC BITCOIN FUND NOW ELIGIBLE FOR ACCREDITED INVESTOR RRSP AND TFSA ACCOUNTS
First Block Capital’s FBC Bitcoin Trust now available on NEO Connect, providing easy access for Investment Advisors
First Block Capital Inc. (“First Block”) reports that its flagship product, the FBC Bitcoin Trust, which is eligible for accredited investors only, has now achieved mutual fund trust status allowing unit holders to put units in a self-directed registered account such as an RRSP or TFSA. The FBC Bitcoin Trust is also now available for purchase on NEO Connect, using the ticker FBCBT. NEO Connect allows investment advisors to seamlessly and efficiently purchase and redeem the FBC Bitcoin Trust on behalf of their accredited investor clients. NEO Connect enables daily settlements, removing the previous 30 day redemption clause.
“Since inception, First Block 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. “Our team is extremely proud to maintain our market leading position and will continue to execute our vision of creating a fleet of investible products dedicated to the space.”
First Block’s FBC Bitcoin Trust allows qualified investors to obtain exposure to bitcoin without having to acquire, store or manage the underlying bitcoins. The trust units are considered a qualified investment for a mutual fund trust under the Tax Act, having exceeded 150 unit holders within one year of launching. First Block Capital is a registered EMD, PM and Investment Fund Manager. FBC Bitcoin Trust is a unique product in Canada offering unit holders the exclusive opportunity to hold units of a bitcoin investment in their Tax Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP).
“With this accomplishment, we continue to push Canada forward as a world leader in regulated blockchain and cryptocurrency investment vehicles,” said Marc van der Chijs, Co-founder and Chief Investment Officer of First Block. “Our goal is to make investments in the digital currency asset class more accessible and we are one step closer to achieving this goal by allowing unit holders to place units in government sponsored tax efficient vehicles, and by providing daily liquidity through NEO Connect, a fund distribution platform with a rapidly growing dealer network.”
First Block is anticipating that the majority of investors in the FBC Bitcoin Trust will begin moving units within the first month. 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.
For more information, visit www.firstblock.capital.
About First Block Capital
First Block Capital Inc. is Canada's first fully registered, dedicated cryptocurrency and blockchain investment company holding IFM, EMD and PM licenses. First Block invests its own and investors’ capital exclusively in cryptocurrency and blockchain opportunities to provide exposure to the emerging digital currency asset class based on blockchain technology. First Block was founded by technology entrepreneurs with a pedigree in blockchain investments.