In just two full days of trading, the first Bitcoin (BTC) exchange-traded fund in North America hit more than $ 400 million and is expected to continue to grow.
According to a tweet from Bloomberg analyst Eric Balchunas, the Bitcoin Exchange Traded Fund (ETF), recently debuted by Canadian firm Purpose Investments, is expected to reach $ 1 billion in assets under management by February 26. His prediction came before its purpose the Bitcoin ETF traded at $ 421.8 million between the time it was first listed on the Toronto Stock Exchange (TSX) on February 18 and the markets closed on Friday. The ETF is listed under the ticker BTCC.
Balchunas compared the Purpose Bitcoin fund’s impressive debut to other ETFs currently trading on the TSX. With total assets of more than $ 4.6 billion, JPMorgan BetaBuilders Canada ETF is one of the largest in the country. The Bloomberg analyst said he would “not be surprised” if the Purpose Bitcoin ETF outperformed all others in Canada within two months, “save for one nasty sell-off”.
The Purpose ETF isn’t the only exchange-traded Bitcoin fund in North America that shares its wealth. Last week, Evolve Funds Group received approval from the Ontario Securities Commission to launch its own Bitcoin ETF, which began trading on Friday under the ticker EBIT. At the close of trading on Friday, EBIT.U was trading 103,595 units at a price of $ 21.54.
Although some investment managers have hinted that US President Joe Biden’s Securities and Exchange Commission may be more open to approving a Bitcoin ETF, US regulators have not yet given them the go-ahead. Both the New York Digital Investment Group and Dallas-based Valkyrie Digital Assets have filed for a Bitcoin ETF since the new president took office.
According to TSX, on Friday BTCC.B had traded 9,270,111 units at a price of $ 10.55 and BTCC.U had 2,065,855 units priced at $ 10.57.
