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