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With just two full days of trading under its belt, North America’s premier Bitcoin exchange-traded fund (BTC) has reached over $ 400 million in volume and is expected to go 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 hit $ 1 billion in assets under management by February 26. . The ETF is listed under the symbol BTCC.
Balchunas compared the impressive start of the Purpose Bitcoin fund to other ETFs currently traded on the TSX. With total assets of over $ 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 outperforms all others in Canada within two months, “unless there is a massive sell-off.”
The Purpose ETF isn’t the only Bitcoin exchange-traded fund in North America to share 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 symbol EBIT. As of market close on Friday, EBIT.U had traded 103,595 units priced at $ 21.54.
While 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 yet to give them the green light. The New York Digital Investment Group applied and Dallas-based Valkyrie Digital Assets have filed documents for a Bitcoin ETF since the new president took office.
According to the TSX, BTCC.B traded 9,270,111 shares at $ 10.55 and BTCC.U 2,065,855 shares at $ 10.57 on Friday.
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