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North America’s first publicly traded Bitcoin exchange-traded fund (ETF) was released on Thursday, its first day of trading.
According to a Bloomberg report, about $ 165 million in shares of the newly created ETF changed hands for investors in less than a day.
Bloomberg Intelligence analyst James Seyffart said the fund, managed by Purpose Investments, a Canadian company, experienced a surge in demand where trading volumes reached well above the usual overnight ETF threshold.
A bitcoin ETF in the United States has been highly prized by companies like VanEck and Valkyrie, but has yet to debut in the United States due to concerns from regulators over the volatility of the nascent asset class and the industry manipulation.
Several closed-end bitcoin funds have been listed on the Toronto Stock Exchange, such as those listed by Canadian investment manager 3iQ. However, they differ from an ETF.
The fund seeks to replicate the price performance of the bellwether cryptocurrency as its shares are currently changing hands for around CAD $ 10.17 (US $ 8.00).
UPDATE (February 19, 5:55 PM UTC): Restores the inadvertently abandoned assignment.
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