- February 21, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Eric Balchunas said the Purpose Bitcoin fund could surpasses all other ETFs in Canada within two months, “barring a nasty selloff.”
With only two full days of trading under its belt, the first Bitcoin (BTC) exchange-traded fund in North America reached more than $400 million in volume and is expected to go even higher.
According to a tweet from Bloomberg analyst Eric Balchunas, the Bitcoin exchange-traded fund, or ETF, recently debuted by Canadian firm Purpose Investments is likely to hit $1 billion in assets under management by Feb. 26. His prediction came prior to Purpose reporting its Bitcoin ETF traded $421.8 million between the time when it was first listed on the Toronto Stock Exchange, or TSX, on Feb. 18 and when markets closed Friday. The ETF is listed under the ticker BTCC.
Balchunas compared the impressive debut of the Purpose Bitcoin fund to other ETFs currently trading on the TSX. At more than $4.6 billion in total assets, the JPMorgan BetaBuilders Canada ETF is one of the biggest in the country. The Bloomberg analyst said he “wouldn’t be surprised” if the Purpose Bitcoin ETF surpasses all others in Canada within two months, “barring a nasty selloff.”
The Purpose ETF is not the only Bitcoin exchange-traded fund in North America to share the wealth. Last week, Evolve Funds Group received approval from the Ontario Securities Commission to launch its own Bitcoin ETF, which started trading on Friday under the ticker EBIT. As of the close of markets on Friday, EBIT.U had traded 103,595 units priced at $21.54.
Though some investment managers have hinted that the Securities and Exchange Commission under U.S. President Joe Biden might be more open to approving a Bitcoin ETF, regulators in the United States have not yet given them the green light. Both New York Digital Investment Group applied and Dallas-based Valkyrie Digital Assets have filed the paperwork for a Bitcoin ETF since the new president took office.
According to the TSX, BTCC.B had traded 9,270,111 units priced at $10.55, and BTCC.U 2,065,855 units at $10.57 as of Friday.
