Update: Instructions for Buying the Purpose Bitcoin ETF (BTCC-U)

UPDATE Instructions for Buying the Purpose Bitcoin ETF (BTCC-U) By Nilus Mattive Dear Reader, Today, we’re updating you with instructions on how to purchase the Purpose Bitcoin ETF (BTCC-U). We recommended the ETF in our April 2021 issue because it’s 100% backed by bitcoin and designed to track the crypto’s price movements. The ETF directly purchases bitcoin and puts it in cold storage with Gemini on behalf of investors. So you can get alternative exposure to bitcoin right from your brokerage account. Since recommending BTCC-U, we’ve heard from several subscribers having trouble purchasing the ETF in their brokerage accounts. If you already successfully bought this ETF, you can ignore this update. If you’re still having problems, we’ll go over how you can purchase it below. BTCC-U trades on the Toronto Stock Exchange. So U.S. investors need to enable international trading in their brokerage accounts to trade it. Based on our research, most major online brokerages have restrictions on international securities that may prevent you from buying BTCC-U through them. Because of this, we suggest you use Fidelity to buy BTCC-U. At this time, it’s the only major brokerage we know of that allows you to directly buy BTCC-U in your brokerage account. If you don’t have a Fidelity account, you can set one up for free. We’ll tell you about its international trade fee structure below. Below, we’ll lay out the steps for Fidelity users to set up international trading in their accounts and buy BTCC-U. Keep in mind, Fidelity may have different features and layouts depending on your location. The steps below may not be exactly identical to what you’ll see on your screen. If you continue having problems purchasing BTCC-U, we recommend you call Fidelity for more assistance at 1-800-544-2976. We’ll also notify you if more options become available to purchase BTCC-U from other brokerages. How to Purchase BTCC-U Through Fidelity To purchase BTCC-U on Fidelity, you must first enable the international trading feature in your account online and then call Fidelity at 1-800-544-2976 to finalize the setting. If you plan on purchasing BTCC-U in your IRA at Fidelity, you cannot enable international trading online. You must call Fidelity at the number above and speak to a representative to enable this feature. Please note: Fidelity charges a 1% fee of an investment amount under $100,000 to purchase international securities, such as BTCC-U. Keep in mind, there’s also a $7.95 trading commission for each foreign stock and an additional $80 fee if it’s purchased in a retirement account. Here are the steps to enable international trading in your Fidelity account: Step 1: Create and/or sign in to your Fidelity account. Step 2: On the home page, select the “Accounts & Trade” tab. From the drop-down menu, click “Account Features.” Step 3: Click the “+” sign next to the “Brokerage & Trading” section. Then, click “International Trading.” Step 4: On the new page, click “Sign Up.” Step 5: Read the information in the gray box, then click the white box to consent to the terms.  Step 6: Click “Sign Up.” Step 7: Call Fidelity at 1-800-544-2976. A representative will walk you through final details and implement the feature in your account.  Step 8: From your account, head to the “Markets & Sectors” section of the main “Research” tab at the top of the screen. Search for “BTCC-U” in the symbol lookup bar. You should now be able to purchase the ETF. Again, if you continue to have problems, please reach out to Fidelity at 1-800-544-2976. And remember: For U.S. investors, holding a foreign ETF also carries tax implications. Please consult with a tax professional if you plan on holding this ETF in your brokerage account. Regards, Nilus Mattive Chief Analyst, The Palm Beach Letter Mobile Notifications Palm Beach Research Group now has a smartphone app. You can use it to get instant notifications whenever we publish something new, access all your subscriptions, view portfolio pages, and more. To make sure you don’t miss any time-sensitive alerts, updates, or monthly issues, download the Palm Beach Research Group app for Android or iOS. This feature is available for international and U.S. subscribers and aims to send alerts instantaneously to all members. Make sure push notifications are enabled through your phone settings to receive alerts from the app. Important note about emails and text messages: We strive to deliver all of our alerts as quickly as possible. Due to the nature of email, SMS, and app notifications, we aren’t able to guarantee each user will receive our communications at exactly the same time. 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