First Bitcoin ETF tops $ 1 billion in assets
The first Bitcoin exchange-traded fund (ETF), “Purpass Bitcoin ETF (BTCC), has assets of over $ 1 billion in less than two months after listing. The issuer of Canada Announced by Purpose Investments.
According to the company, many investors want to expose themselves to crypto assets (cryptocurrencies), with particular interest in ETF formats. There are several crypto funds in Europe that are de facto ETFs, but the BTCC is the first to be officially classified as an ETF.
With over $ 165 million on the first day of listing in February, it was a high level for a relatively small Canadian ETF market.
At least eight companies, including Van Eck Associates and WisdomTree Investments, are currently competing to issue the first US Bitcoin ETF, but the US Securities and Exchange Commission (SEC) is refraining from approving it.