With just two full trading days under its belt, the first Bitcoin-traded fund (BTC) in North America reached over $ 400 million in volume and is expected to increase further.
According to a tweet from Bloomberg analyst Eric Balchunas, the Bitcoin exchange-traded fund, or ETF, recently launched by Canadian company Purpose Investments is likely to to hit $ 1 billion in assets under management as of February 26. His prediction came before Purpose reported that its Bitcoin ETF traded $ 421.8 million between the time it was first listed on the Toronto Stock Exchange, or TSX, on February 18 and when markets closed on Friday market . The ETF is listed under the BTCC ticker.
Balchunas compared the impressive debut of the Purpose Bitcoin fund with other ETFs currently traded on TSX. With more than $ 4.6 billion in total assets, the JPMorgan BetaBuilders Canada ETF is one of the largest in the country. The Bloomberg analyst said he “would not be surprised” if the ETF Purpose Bitcoin outperforms all others in Canada in two months, “except for an unpleasant sale”.
Purpose ETF is not the only Bitcoin exchange-traded fund in North America to share the wealth. Last week, Evolve Funds Group received approval from the Ontario Securities Commission to launch its own Bitcoin ETF, which started trading on Friday under the EBIT ticker. At the close of markets on Friday, EBIT.U had traded 103,595 units at a price of $ 21.54.
While some investment managers have suggested that the Securities and Exchange Commission, under U.S. President Joe Biden, may be more open to approving a Bitcoin ETF, U.S. regulators have not yet given them the green light. Both New York Digital Investment Group and Dallas-based Valkyrie Digital Assets have filed paperwork for a Bitcoin ETF since the new president took office.
According to TSX, BTCC.B had traded 9,270,111 units at $ 10.55 and BTCC.U 2,065,855 units at $ 10.57 on Friday.