Canada’s First Bitcoin ETF Hits $421.8M AUM in Two Days
The first publicly traded bitcoin exchange-traded fund (ETF) in North America has collected $421.8 million in assets under management (AUM) in two days.
- Purpose Investment’s bitcoin ETF officially started trading on the Toronto Stock Exchange (TSX) under the ticker “BTCC” on Thursday.
- The fund has seen huge interest, trading well over $100 million shares on its first day, and by the end of Friday it had collected $421.8 million AUM.
- Bloomberg Intelligence ETFs analyst Eric Balchunas tweeted the Purpose Investment’s bitcoin ETF could reach $1 billion in assets by the end of next week.
- On Friday, another bitcoin ETF, the Evolve ETF, started trading on the TSX under the ticker “EBIT” and has $1.271 million AUM.
- Both Evolve and Purpose Investment’s bitcoin ETFs have a management fee of 1%.
- Purpose’s index information is provided by TradeBlock, a CoinDesk subsidiary.
Read more: State of Crypto: Will 2021 Finally Be the Year of the Bitcoin ETF?
One analyst said the ETF could reach $1 billion in assets under management by the end of next week.