With just two full days of trading, the first Bitcoin (BTC) exchange traded fund in North America reached more than $ 400 million in volume and is expected to rise even higher.
According to a tweet from Bloomberg analyst Eric Balchunas, the Bitcoin exchange-traded fund, or ETF, recently debuted by Canadian firm Purpose Investments, is likely hit $ 1 billion in assets under management by February 26. Its forecast came before Target Reporting traded its Bitcoin ETF at $ 421.8 million between the time it was first listed on the Toronto Stock Exchange, or TSX, on February 18 and when the markets closed on Friday. . The ETF is listed under the BTCC registrar.
Balchunas compared the impressive debut of the Purpose Bitcoin fund to other ETFs currently trading on the TSX. The JPMorgan BetaBuilders Canada ETF is more than $ 4.6 billion in total assets and is one of the largest in the country. The Bloomberg analyst said he “would not be surprised” if the target bitcoin ETF surpassed all others in Canada within two months, hampering a nasty sell-off. “
The Purpose ETF is not the only Bitcoin exchange-traded fund in North America that shares 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 shorter EBIT on Friday. With the markets closing on Friday, EBIT.U traded 103,595 units at $ 21.54.
Although some investment executives have hinted that the Securities and Exchange Commission under U.S. 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 New York Digital Investment Groups have applied and Valkyrie Digital Assets, based in Dallas, has filed the paperwork for a Bitcoin ETF since the new president took office.
According to the TSX, as of Friday, BTCC.B was trading 9,270,111 units at $ 10.55, and BTCC.U 2,065,855 units at $ 10.57.