A Bloomberg analyst expects the Bitcoin ETF recently debuted by Canadian firm Purpose Investments to hit $1 billion in AUM on Friday.
February 22, 2021 | AtoZ Markets – The Bitcoin exchange-traded funds (ETF) launched by Purpose Investment in Canada, has reached over $400 million in volume in just two days. As a result, Bloomberg analyst, Eric Balchunas expects to overtake other ETFs in the coming months to become the largest in the country.
Canada’s Purpose Bitcoin ETF could hit $1 Billion AUM
Balchunas compares the Bitcoin ETFs of Purpose Investment to other ETFs traded on the Toronto Stock Exchange (TSX). Even the largest ETFs at TSX are $8 billion, so they could exceed them in the coming months, he said. It is expected to reach $1 billion in assets under management (AUM) by February 26.
Canada Bitcoin ETF $BTCC traded $350m (CAD+USD) today, a 40% jump from yesterday (defying typical Day Two dropoff) and 3x more than any other ETF (unreal). Proportionally speaking this is equiv to about $5b in volume in US (or about 7x more than $GBTC). Two-day aum est $330m. pic.twitter.com/jqJfQGRsnp— Eric Balchunas (@EricBalchunas) February 19, 2021
In February, Bitcoin ETFs were approved one after another in Canada. In addition to the Purpose Bitcoin ETF, AtoZ Markets reported that the Ontario Securities Commission gave the approval to Evolve Investment to launch a Bitcoin ETF.
Some investment managers are hoping that the new Biden administration may approve Bitcoin ETFs in the United States as well. Recently, it was revealed that the New York Digital Investment Group (NYDIG), a cryptocurrency investment company, has submitted documents to the US Securities and Exchange Commission (SEC) for the launch of Bitcoin ETF.
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