Canadian Bitcoin ETF predicted to hit $1B AUM by Friday: Bloomberg analyst

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.
http://dlvr.it/RtBGhW

You might be interested in …

Bitcoin’s time has come: TIME magazine to hold BTC on balance sheet

Uncategorized

TIME magazine has partnered up with Grayscale to drop a series of educational crypto videos, and has agreed to be paid in Bitcoin. Institutional fund manager Grayscale has partnered with acclaimed New York-based magazine TIME to produce an educational video series on the subject of crypto assets. The partnership was announced on April by Grayscale’s […]

Read More

Chinese Authorities Warn About ‘Sophisticated’ Digital Yuan Scam- Promotes Access to a ‘$186M Secret’ Government Fund

Uncategorized

As China keeps paving the way to adopt its central bank digital currency (CBDC), scammers are also actively emerging on the scene. The police in a Chinese province are now warning about a “sophisticated” CBDC-themed scam. Bogus Platform Is Set to Be Launched in March, Say Scammers According to a post from the cybercrime unit […]

Read More

Bitcoin falls below $58K as Bloomberg eyes $80K BTC price in Q2

Uncategorized

A comparatively modest price prediction comes as Bitcoin ranges, giving altcoins an opportunity to outperform. Bitcoin (BTC) reversed recent gains to lose 1.5% on April 6 as bulls were kept frustrated with no sign of an attack on all-time highs BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview Bitcoin will “likely” squash $60,000 resistance Cointelegraph Markets Pro […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php