Bitcoin ETF Comparison Tool
Compare Bitcoin ETFs: Canada vs. U.S.
See how Canada's pioneering spot Bitcoin ETF differs from U.S. ETFs launched in 2024.
Canadian Bitcoin ETFs
First to offer physical Bitcoin exposure
U.S. Spot Bitcoin ETFs
Launched January 2024
Key Comparison
| Feature | Purpose ETF (BTCC) | U.S. Spot ETFs |
|---|---|---|
|
Launch Date
First to market with spot Bitcoin ETF
|
February 18, 2021 | January 2024 |
|
Asset Type
Physical Bitcoin holdings
|
✅ Direct ownership of actual Bitcoin | ✅ Direct ownership of actual Bitcoin |
|
Registered Accounts
Tax-advantaged retirement accounts
|
✅ TFSAs and RRSPs (Canada) | ❌ Limited availability |
|
Regulatory Approval
Ontario Securities Commission (OSCC)
|
OSCC approval (2021) | SEC approval (2024) |
|
Expense Ratio
Cost of investment management
|
0.4% | 0.4-0.95% |
|
Tracking Accuracy
Price movement relative to Bitcoin
|
0.2% premium (within 3 days) | 0.5-1.2% premium |
|
Market Performance
Historical trading volume and assets
|
$2.5B+ AUM as of 2025 | $20B+ AUM as of 2025 |
Why This Matters
Canada's pioneering approach created the blueprint for U.S. ETFs. The Purpose ETF demonstrated that regulated Bitcoin investment products could be successful with direct ownership and tax-advantaged access. While U.S. ETFs have larger assets, Canadian products remain unique in their integration with retirement accounts.
Before the U.S. finally approved Bitcoin ETFs in 2024, Canada did something no other country had ever done: it let regular people buy Bitcoin like they buy stocks. On February 18, 2021, the Purpose Bitcoin ETF started trading on the Toronto Stock Exchange under the ticker BTCC. It wasn’t just another crypto product. It was the world’s first true Bitcoin exchange-traded fund that held actual Bitcoin-not futures, not derivatives, not promises. And it changed everything.
Why Canada Got There First
While the U.S. Securities and Exchange Commission kept delaying Bitcoin ETF approvals over concerns about market manipulation and unregulated exchanges, Canada’s Ontario Securities Commission took a different approach. They didn’t wait for the entire crypto industry to be perfect. They focused on the product structure: if it was transparent, regulated, and backed by real assets, it could be offered to everyday investors. Purpose Investments, a Toronto-based asset manager led by CEO Som Seif, built the ETF with physical custody at its core. Every share of BTCC meant the fund owned a corresponding amount of Bitcoin, stored securely in cold wallets by a licensed Canadian custodian. That’s the same way gold ETFs work-investors don’t hold the metal, but the fund does, and the price tracks the asset directly. This structure gave regulators confidence. Unlike futures-based products (which bet on Bitcoin’s future price), this was direct exposure. No leverage. No counterparty risk. Just Bitcoin, held in trust for investors.The Launch That Broke the Internet
The first day of trading wasn’t just busy-it was historic. Within 48 hours, the Purpose Bitcoin ETF had traded $400 million worth of shares. By the end of its first week, it had gathered $600 million in assets under management. That’s faster than any ETF in Canadian history. Retail investors didn’t need to set up a Coinbase account, manage private keys, or worry about hacks. They could buy BTCC through their brokerage, RRSP, or TFSA. For the first time, Canadians could hold Bitcoin in their retirement accounts without breaking any rules. That alone unlocked billions in dormant capital. By the end of its first month, the fund crossed $1 billion in assets. Three days after launch, it became the most actively traded ETF in Canada. TD Securities reported that Bitcoin ETFs collectively traded nearly $1 billion in shares during their opening week-more than any other new ETF launch in the country’s history.What Made It Different
The Purpose Bitcoin ETF wasn’t just popular-it was technically superior to anything else on the market.- Physical Bitcoin: Unlike U.S. futures ETFs like BITO, BTCC held actual Bitcoin. This meant its price moved in near-perfect sync with the spot price of Bitcoin, not a derivative.
- NAV efficiency: The ETF’s creation and redemption mechanism kept its market price within 0.2% of its net asset value by day three. That’s rare in crypto products, where premiums often spike.
- Registered account eligibility: It could be held in TFSAs and RRSPs. No other Bitcoin investment product in Canada had that flexibility before.
- Regulatory legitimacy: OSC oversight meant institutional investors could finally participate without legal risk.
Evolve Joins the Party
Just one day after Purpose’s launch, Evolve Funds Group rolled out its own Bitcoin ETF, EVOLVE Bitcoin ETF (ticker: EVOB). It followed the same structure: direct custody, physical Bitcoin, Canadian regulation. The fact that two funds launched within 24 hours proved something critical: demand wasn’t just there-it was explosive. Investors weren’t just curious. They were ready to move money. This wasn’t a fluke. Canada had built the infrastructure. Regulators had cleared the path. And investors responded by pouring billions into the market.
How It Changed the World
The Purpose Bitcoin ETF became the blueprint for every Bitcoin ETF that came after it. When the U.S. finally approved spot Bitcoin ETFs in January 2024, the structure looked almost identical: physical custody, SEC oversight, daily NAV pricing, and open-ended redemption. The U.S. waited three years. Canada didn’t wait for permission. It created the model. Even today, analysts point to BTCC as the original template. The ETF’s ability to track Bitcoin’s price closely, handle massive inflows without liquidity issues, and maintain regulatory compliance became the gold standard. Companies like BlackRock and Fidelity studied its performance before launching their own U.S. products. By February 2024, the Purpose Bitcoin ETF had over $2 billion in assets under management. It wasn’t just the first-it was still one of the largest spot Bitcoin ETFs in the world.Why It Still Matters
The story of Canada’s Bitcoin ETF isn’t just about a product launch. It’s about how regulation can enable innovation instead of blocking it. Canada didn’t ban crypto. It didn’t ignore it. It built a safe, regulated bridge between traditional finance and digital assets. And in doing so, it gave millions of people access to Bitcoin without the complexity, risk, or fear of self-custody. Today, you can still buy BTCC through any major Canadian brokerage. It’s still held in TFSAs and RRSPs. It’s still tracking Bitcoin’s price with near-perfect accuracy. And it’s still the most trusted way for Canadians to invest in Bitcoin. The world followed Canada’s lead. But Canada didn’t wait for the world to catch up. It led.What Happened After
Other Canadian ETFs followed-Bitwise, 21Shares, and others launched Bitcoin and Ethereum ETFs. But none matched the impact of the first. Purpose’s BTCC remains the benchmark. In the U.S., the first spot Bitcoin ETFs launched in January 2024. They were modeled after BTCC. The same custody structure. The same regulatory framework. The same investor protections. The only difference? Canada got there first.
Is It Still a Good Investment?
As of November 2025, the Purpose Bitcoin ETF continues to be one of the most liquid and reliable ways to invest in Bitcoin through a traditional brokerage account. Its expense ratio is 0.4%, which is competitive with other crypto ETFs. It has weathered multiple Bitcoin price cycles, including the 2022 crash and the 2024 bull run, without operational issues. For long-term investors, especially those in registered accounts, it remains a low-friction, tax-efficient way to gain exposure to Bitcoin without the technical overhead.Who Should Buy It?
- Canadians who want Bitcoin exposure without managing wallets
- Investors using RRSPs or TFSAs who want crypto in their retirement savings
- People who trust regulated financial institutions over crypto exchanges
- Anyone who wants a product that tracks Bitcoin’s price directly, not futures
Who Should Avoid It?
- Those looking for higher leverage or yield (BTCC doesn’t offer either)
- Investors outside Canada (it’s only available on Canadian exchanges)
- People who prefer holding Bitcoin directly for maximum control
What was the first Bitcoin ETF in the world?
The first Bitcoin ETF in the world was the Purpose Bitcoin ETF (BTCC), launched in Canada on February 18, 2021. It was the first product to offer direct exposure to Bitcoin in an ETF structure approved by a major securities regulator, and it held actual Bitcoin-not futures or derivatives.
Why did Canada approve Bitcoin ETFs before the U.S.?
Canada’s regulator, the Ontario Securities Commission, focused on the product’s structure rather than the underlying asset’s volatility. They required physical custody, transparency, and investor protections-which Purpose Investments delivered. The U.S. SEC, by contrast, delayed approvals for years, citing concerns about market manipulation and unregulated exchanges, and initially only allowed futures-based products.
Can I buy Bitcoin ETFs in my TFSA or RRSP in Canada?
Yes. Canadian Bitcoin ETFs like BTCC and EVOB are eligible for registered accounts, including Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs). This makes them one of the few ways to hold Bitcoin in a tax-advantaged retirement account.
How does the Purpose Bitcoin ETF hold Bitcoin?
The Purpose Bitcoin ETF holds Bitcoin directly in cold storage through a licensed Canadian custodian. Each share of BTCC represents a proportional ownership of actual Bitcoin held by the fund. This is called a physically-backed structure, similar to how gold ETFs work.
Is the Purpose Bitcoin ETF still active in 2025?
Yes. As of November 2025, the Purpose Bitcoin ETF (BTCC) remains actively traded on the Toronto Stock Exchange with over $2.5 billion in assets under management. It continues to be one of the most popular and trusted ways for Canadian investors to access Bitcoin through a regulated, exchange-traded product.
Meagan Wristen
Canada really showed the world how to do it right. No waiting around for bureaucracy to catch up-just build something safe, transparent, and accessible. I remember when I first bought BTCC through my TD Direct Investing account. No crypto wallet drama, no private keys to lose. Just like buying Apple stock. It felt normal. And that’s the real win.
Becca Robins
bro canada just did the thing while the us was still arguing over whether bitcoin is a ‘commodity’ or ‘security’ or ‘spiritual energy’ 😭
Alexa Huffman
The Purpose Bitcoin ETF’s success wasn’t luck-it was thoughtful regulation. Canada’s OSC didn’t try to control innovation; they created guardrails that allowed it to thrive. That’s the difference between a regulator and a gatekeeper. And BTCC remains the gold standard for structure, liquidity, and transparency.
gerald buddiman
Can we just take a moment to appreciate how insane it is that Canada launched a REAL Bitcoin ETF in 2021??? I mean, think about it-three years before the U.S.?!?! And not just any ETF-actual Bitcoin, cold storage, regulated, in RRSPs?!?!?! I cried. I literally cried. My uncle in Toronto bought $20k of it and now he’s got more Bitcoin than I have in my entire portfolio. And I’ve been HODLing since 2017!!!
Arjun Ullas
It is noteworthy that the Canadian regulatory framework demonstrated superior foresight in recognizing the necessity of physical custody and institutional-grade custody solutions. The Ontario Securities Commission’s decision was not merely permissive, but strategically progressive. The United States, by contrast, exhibited regulatory timidity that delayed financial inclusion for millions of retail investors. Canada’s model must be studied globally.