Bloomberg Analyst: The asset under management of the Canadian Bitcoin ETF is expected to reach $1 billion on Friday

Bloomberg Analyst: The asset under management of the Canadian Bitcoin ETF is expected to reach $1 billion on Friday

The first Bitcoin exchange traded fund in North America only traded for two days, and the trading volume has exceeded 400 million US dollars, and it is expected to be even higher.

According to a tweet by Bloomberg analyst Eric Balchunas, the Bitcoin ETF recently launched by Canadian company Purpose Investments may have assets under management of $1 billion by February 26. His prediction was made before Purpose reported that its Bitcoin ETF was first listed on the Toronto Stock Exchange (TSX) on February 18 and reached $421.8 million in trading volume at the close of the market on Friday. The listing code of Purpose Bitcoin ETF is BTCC.

Balchunas compared the Purpose Bitcoin Fund’s first-day performance with other ETFs currently traded on the Toronto Stock Exchange. JPMorgan Chase’s BetaBuilders Canada ETF has total assets of more than 4.6 billion Canadian dollars, making it one of the largest ETFs in Canada. The Bloomberg analyst said that if the Purpose Bitcoin ETF surpasses all other Canadian ETFs within two months, and “unless there is a significant sell-off,” he “will not be surprised.”

Purpose ETF is not the only Bitcoin exchange-traded fund that shares wealth in North America. Last week, Evolve Funds Group received approval from the Ontario Securities Commission to launch its own Bitcoin ETF, which began trading on Friday under the symbol EBIT. As of Friday’s close, EBIT.U has traded 103,595 lots at a price of $21.54

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Although some investment managers said that the US Securities and Exchange Commission under US President Joe Biden may be open to approving Bitcoin ETFs, US regulators have yet to give them the green light. Since the new president took office, the New York Digital Investment Group and Dallas-based Valkyrie Digital Assets have both submitted Bitcoin ETF documents.

According to TSX data, as of last Friday, BTCC.B has traded 9,270,111 lots at a price of 10.55 USD, and BTCC.U has traded 2,065,855 lots at a price of 10.55 USD.

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.