February 24, 2021

Canadian Bitcoin ETF Raises Over $ 400 Million Already

Purpose Investments' Exchange Traded Fund (ETF) since its launch last week has raised under managing assets worth $ 400 million. Data leads Purpose Investments on its own website.

Purpose Bitcoin ETF became the first instrument inits category in North America after approval by the Ontario Securities Commission. The Canadian regulator this week also authorized the launch of Evolve's Bitcoin ETF, which has managed to raise $ 1.2 million under management.

Bloomberg ETF analyst Eric Balchunas says the Purpose Investments ETF is "breaking expectations."

"At current rates, this ETF will be the largest in Canada in 20 days," he said.

Publicly available data indicates that several such instruments are currently awaiting approval in Canada. The last application was filed by CI Financial on 18 February.

Market participants expect news from Canadawill affect American regulators, which until now have refused to approve bitcoin ETFs in their territory. SEC Commissioner Hester Pierce recently expressed her view that US markets are ready to accept Bitcoin Exchange Traded Product (ETP), without specifying if it will be an ETF or something.