Canada’s Bitcoin ETF is expected to soon reach $ 1 million under management, says Bloomberg analyst

With only two trading days on the curriculum, the first Bitcon fund (BTC) traded on a stock exchange in North America reached more than US $ 400 million in volume and it is estimated that this value will be even higher soon.

According to a tweet from Bloomberg analyst Eric Balchunas, the Bitcoin exchange-traded fund, or ETF, recently launched by Canadian company Purpose Investments, is expected to reach $ 1 billion in assets under management on February 26, 2021.

The analyst’s forecast came even before the Purpose Investments report the value reached in Bitcoin ETF trades on its debut, of $ 421.8 million. This value was reached between the time the ETF (BTCC) was first listed on the Toronto Stock Exchange (TSX), on February 18, 2021, and when the markets closed at the end of last Friday ( 19).

Balchunas compared the impressive debut of Purpose Investments’ Bitcoin ETF to other ETFs currently traded on TSX. With more than $ 4.6 billion in financial assets being traded, the JPMorgan Beta Builders Canada ETF is one of the largest in the country today.

The Bloomberg analyst says he “wouldn’t be surprised” if Purpose Bitcoin ETF outperforms all others in Canada in two months, “preventing an unpleasant sale”.

BTCC is not the only exchange-traded Bitcoin fund in North America to share a high-volume trading experience. Last week, for example, the Evolve Funds Group received approval from the Ontario Securities Commission to launch its own Bitcoin ETF, which started trading on Friday (19), being called EBIT.

Therefore, at the closing of the markets last Friday (19), EBIT had negotiated 103,595 units, priced at $ 21.54 each.

Although some investment managers have suggested that the SEC, it could be more open to approving a Bitcoin ETF, with the election of U.S. President Joe Biden. However, US regulators have not yet presented a green light for Bitcoin ETFs. Both New York Digital Investment Group and Dallas-based Valkyrie Digital Assets have applied for approval for a Bitcoin ETF since the new president took office in that country.

According to TSX, until late afternoon on Friday (19), the ETF represented by the acronym BTCC.B had traded 9,270,111 units at $ 10.55, while BTCC.U traded 2,065,855 units in total, priced at $ 10.57 each.

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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