North America’s First Bitcoin ETF Records Over $1Billion in Assets

The first Bitcoin exchange-traded fund (ETF) in North America has seen impressive results, recording $1 billion in assets two months after its official launch. 

Purpose Bitcoin ETF Hits $1 Billion Milestone

According to Purpose Investments on its website, the company behind the Purpose Bitcoin ETF, the product already raked in C$1.38 billion ($1.1 billion) in assets under management (AUM) as at Tuesday (April 13, 2021). This comes after the Bitcoin ETF began trading on the Toronto Stock Exchange (TSX) back in February 2021, under the ticker symbol BTCC.

Since the launch of the Bitcoin ETF, the product has performed beyond expectations. On the first day of trading, the BTC ETF recorded about $165 million in assets. Two days into trading, the Bitcoin ETF accumulated over $400 million in AUM. 

The Bitcoin ETF held 13,128.56 BTC on March 12, with over 4,000 bitcoins added in one month, setting the figure at 17,493.5508 BTC as at April 13. As previously reported by BTCManager in March, Canada’s first Bitcoin ETF did not record a single outflow. The billion-dollar milestone reached by the Purpose Bitcoin ETF indicates an increased interest in the largest crypto asset by market capitalization.

Meanwhile, bitcoin price has been on a bull rally, reaching several all-time highs (ATH). The number one crypto reached a new ATH of over $64,000 on April 14. Bitcoin’s price performance has been attributed primarily to interest from institutional investors. 

Following the approval for the Purpose Bitcoin ETF by Canadian regulators, there have been two more Bitcoin ETFs in Canada. In March, Brazilian also approved Latin America’s first Bitcoin ETF.

However, the U.S. seems to be behind in getting a Bitcoin ETF. The country’s Securities and Exchange Commission (SEC) has in the past rejected a number of proposals, sighting market manipulation and volatility as part of its reasons. Meanwhile, 2021 has seen some heavyweight firms seeking to launch a Bitcoin ETF.  

Some of the firms that have submitted Bitcoin ETF proposals include VanEck, Goldman Sachs, SkyBridge, Fidelity Investments, NYDIG, and WisdomTree Investments. Mike Novogratz Galaxy Digital recently joined the list of companies vying to launch a BTC ETF in the U.S.