Canada’s First Bitcoin ETF Rakes in Over $400 Million in Assets Within Two Days

Canada’s First Bitcoin ETF Rakes in Over $400 Million in Assets Within Two Days

North America’s first Bitcoin exchange-traded fund (ETF) has seen impressive results on its first two days of trading, following its recent approval by Canada’s securities regulatory body.

  • Purpose Bitcoin ETF started on a flying note shortly after it began trading on Thursday (Feb. 18, 2021) under the ticker symbol “BTCC” on the Toronto Stock Exchange (TSX).
  • Following its TSX debut, the fund has already accumulated $421 million in assets within the first two days of trading.
  • According to Bloomberg ETF analyst Eric Balchunas, the Purpose Bitcoin ETF’s performance surpassed analysts’ estimates, adding that “if it were to keep up this pace, it will be the biggest ETF in Canada in 20 days.”
  • Balchunas also opined that BTCC could amass $1 billion in assets by the end of next week.
  • As previously reported by CryptoPotato, Canada’s Ontario Securities Commission (OSC) approved a filing by Purpose Investments to launch a bitcoin ETF. The Purpose Bitcoin ETF, which is an alternative mutual fund, invests in bitcoin, enabling investors to buy the number one asset with Canadian or US dollars.
  • Meanwhile, the OSC also gave the approval to Evolve Funds Group to launch its Bitcoin ETF, giving more institutional investors exposure to bitcoin.
  • Evolve later announced on Friday that its Bitcoin ETF started trading on the TSX under the ticker symbol “EBIT.”
  • Canada now has two Bitcoin ETFs, with more possibly on the way. Canadian investment firm CI Global Asset Management, a subsidiary of CI Financial, and crypto asset management company 3iQ both filed a preliminary prospectus for a Bitcoin ETF. Both companies already operate Bitcoin Funds.
  • However, the US Securities and Exchange Commission (SEC) is yet to green light any Bitcoin ETF proposals.
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Published at Mon, 22 Feb 2021 12:06:58 +0000

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