Purpose Bitcoin ETF Hits $100mln in Volume On First Day of Listing
Purpose Bitcoin ETF, which got listed in the TSX (Toronto Stock Exchange), performed exceptionally on the first day, with transaction volume reaching about $100 million.
According to a report published by Bloomberg, the foremost Bitcoin ETF of North America recorded trading volume of more than $80 million in the first hour itself.
The rest of the day saw an addition of another $15 million in trading volume, which includes BCTCC.B (Canadian dollar denominated units) and BTCC.U (US dollar denominated units).
At the time of writing this article, BTCC.B had recorded trading volume of 7,905,000 units at an average price of $10.28, while BTCC.U posted transaction volume of 1,312,000 units at an average price of $10.27, according to the data provided by TSX.
Through a media release, Som Seir, founder and CEO of ETF provider Purpose Investments, opined that Bitcoin has a wonderful future.
Seif said “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. 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.”
The webpage of Purpose Investments indicates that the fund currently holds 85.34569077 Bitcoins and additional numeo uno crypto will be purchased in a proportionate manner to the volume of acquired shares.
Presently, the website of Purpose slates EtherCapital, an Ethereum-centered hedge fund, as an associate in the ETF offering. Even though the Purpose ETF is the foremost Western exchange-traded fund (ETF) to get listed in North America, it will not last for long time.
The regulators of Ontario endorsed a second Bitcoin ETF unveiled by Evolve Funds Group a week before and there are several unendorsed applications submitted with regulators.
Steps in favor of ETF in the US exchange remains unmoved. Even though professionals trust that the latest administration has boosted the possibility of an asset to be offered and several institutions have submitted application for Bitcoin and other cryptocurrency based assets, there is no positive outcome so far.
Currently, the US investors will have to gain exposure only through exchange-traded trust assets like Grayscale’s line of Investment Trusts, which is continuously receiving record investments.