The first Bitcoin ETF in North America, TSX’s Purpose Bitcoin ETF. had a gangbusters debut today trading nearly hundred buck million in volume.
A Bloomberg Law report noted how the ETF saw over $80 million in volume in the first hour of investing, though it’s since slowed down significantly with roughly an additional $15 million in volume between BCTCC. B, the Canadian dollar-denominated units, plus BTCC. U, the American dollar-denominated ticker. As of syndication, BTCC. B has traded 7, 905, 000 products priced at $10. 28, and BTCC. U 1, 312, 000 units at 10 dollars. 27, per the TSX .
In a press release today, ETF provider Purpose Investments founder and CEO Som Seif said that his company believes Bitcoin has a promising future.
“We believe Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to keep its growth trajectory and adoption as an alternative asset, additional cementing the investment chance it presents, ” said Seif. “Driving forward as the leader in cryptocurrency trading is a testament to Purpose’s goal of providing investors with alternative investment solutions that are not based off of conventional benchmarks. ”
Purpose Investments website notes that the fund is currently supported by 85. 34569077 BTC, and more Bitcoin will be bought proportionately to the quantity of bought shares. Curiously, Purpose’s web site lists EtherCapital, an Ethereum-focused hedge fund, as a companion in the ETF offering.
While the Purpose ETF is the first Western exchange-traded fund to hit North America, it certainly won’t be the last. Ontario regulators approved a second Bitcoin ETF from Evolve Funds Group last week, and there have been multiple other unapproved filings with regulators as well .
Improvement towards an ETF with an American exchange remains stalled, however. While experts believe that the new administration increases the chances of an offering plus multiple institutions have filed for BTC and other crypto products , there has been no green light right now.
For the moment, American investors will have to be happy with exchange-traded trust products like Grayscale’s line of Investment Trusts, which continues to consistently mark record inflows .