HomeBitcoinDebut Canadian Bitcoin ETF nears $100 million in volume in first few...

Debut Canadian Bitcoin ETF nears $100 million in volume in first few hours of trading

-

[ad_1]

The first Bitcoin ETF in North America, TSX’s Purpose Bitcoin ETF, had a gangbuster debut today, trading nearly $100 million in volume. 

A Bloomberg Law report noted that the ETF saw over $80 million in volume in the first hour of trading, though it’s since slowed significantly with roughly another $15 million in volume between BCTCC.B, the Canadian dollar-denominated units, and BTCC.U, the American dollar-denominated ticker. As of publication, BTCC.B has traded 7,905,000 units priced at $10.28, and BTCC.U 1,312,000 units at $10.27, per the TSX.

In a press release today, ETF provider Purpose Investments founder and CEO Som Seif said that his company believes Bitcoin has a promising future.

“We believe Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and adoption as an alternative asset, further cementing the investment opportunity 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 solutions that are not based off of traditional benchmarks.”

Purpose Investments website notes that the fund is currently backed by 85.34569077 BTC, and more Bitcoin will be bought proportionately to the quantity of purchased shares. Curiously, Purpose’s website lists EtherCapital, an Ethereum-focused hedge fund, as a partner in the ETF offering.

While the Purpose ETF is the first Western exchange-traded fund to hit North America, it certainly won’t be the last. Ontario regulators approved a second Bitcoin ETF from Evolve Funds Group last week, and there have been multiple other unapproved filings with regulators as well. 

Progress towards an ETF on an American exchange remains stalled, however. While experts believe that the new administration increases the chances of an offering and multiple institutions have filed for BTC and other crypto products, there has been no green light as of yet.

For now, American investors will have to settle for exchange-traded trust products such as Grayscale’s line of Investment Trusts, which continues to consistently mark record inflows.

[ad_2]

Source link

LATEST POSTS

Cardano faces $1.60 resistance after ADA price hits 2-month highs

Cardano's ADA token came close to its highest in two months on Aug. 10 as daily gains neared 6%.Data from Cointelegraph Markets Pro and...

Teller Finance deploys mainnet on Polygon, migrates 2,200 NFTs

Teller Finance, a non-collateral lending protocol for the DeFi market, has officially deployed its mainnet on Polygon, marking a significant milestone in its quest...
[td_block_social_counter style="style8 td-social-boxed td-social-font-icons" facebook="tagdiv" twitter="tagdivofficial" youtube="tagdiv" custom_title="Follow us" block_template_id="td_block_template_11" border_color="#fbb03b" f_header_font_size="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTgifQ==" f_header_font_weight="600" f_header_font_family="702" f_header_font_transform="uppercase" tdc_css="eyJwb3J0cmFpdCI6eyJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsInBob25lIjp7Im1hcmdpbi1ib3R0b20iOiI0MCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3NjcsImFsbCI6eyJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn19"]

Most Popular

spot_img