The initial Bitcoin ETF in North America, TSX’s Purpose Bitcoin ETF. Had a gangbusters introduction today trading nearly $100 million in quantity.
A Bloomberg Law report mentioned that the ETF saw over $80 million in volume in the first hour of trading, even though it’s since slowed significantly with roughly another $15 million in quantity involving BCTCC.B, the Canadian dollar-denominated units, and BTCC.U, the American dollar-denominated ticker.
In a media release now, ETF provider Purpose Investments creator and CEO Som Seif said that his company believes Bitcoin has a promising potential.
“We believe Bitcoin, since the first and biggest asset in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and adoption as a substitute asset, further diluting the investment opportunity that it presents,” said Seif. “Driving forward to be the leader in cryptocurrency investing is a testament to Purpose’s goal of providing investors with alternative investment options that are not based off of traditional benchmarks.”
Goal Investments website notes that the fund is presently endorsed by 85.34569077 BTC, and more Bitcoin will be bought directly into the quantity of shares that are purchased. Curiously, Target’s website lists EtherCapital, an Ethereum-focused hedge fund, as a partner from the ETF offering.
While the Purpose ETF is the very first Western exchange-traded fund to reach North America, it certainly will not be the final. Ontario authorities approved a second Bitcoin ETF from Evolve Funds Group a week, also there were several additional curricular filings with regulators as well.
Progress towards an ETF in an American exchange stays stalled, however. While experts think that the new government raises the possibilities of an offering and multiple institutions have registered for BTC and other crypto goods , there’s been no green light as of yet.
For the time being, American investors might have to settle for exchange-traded trust products such as Grayscale’s lineup of Investment Trusts, which continues to always mark record inflows.
