In just two full days of trading, the Canadian Bitcoin ETF has reached over $ 400 million in volume and is not expected to stop there.
According to Bloomberg analyst Erik Balchunas, Purpose Investments’ recently launched bitcoin ETF will reach $ 1 billion in assets under management by February 26. Purpose reported that Bitcoin ETFs have totaled $ 421.8 million since listing on the Toronto Stock Exchange. The ETF is quoted under the ticker BTCC.
Balchunas compared this Bitcoin ETF’s impressive debut to other ETFs currently listed on the above exchange. The JPMorgan BetaBuilders Canada ETF with combined assets of over $ 4.6 billion is one of the largest in the country. A Bloomberg analyst would not be surprised if the Purpose Bitcoin ETF surpasses all other Canadian ETFs within two months (unless there is a massive sell-off).
Purpose ETF is not the only Bitcoin ETF in North America. Last week, Evolve Funds Group received approval from the Ontario Securities Commission to launch its own Bitcoin ETF, which began trading Friday under the ticker EBIT.
While some investment management companies have hinted that the Securities and Exchange Commission under US President Joe Biden may be more open to approving Bitcoin ETFs, regulators have been slow to approve the launch. As you know, New York Digital Investment Group and Valkyrie Digital Assets recently applied for their bitcoin ETFs.
Subscribe to the Crypto.Pro channel in Telegram – always the latest news and market overview