The Bitcoin index fund, approved in Canada, immediately enjoyed great popularity with North American investors.
The first North American Bitcoin index fund, the so-called Purpose Bitcoin ETF (BTCC), made a crashing debut on its launch day
As Bloomberg Law on February 18 reported , has the Canadian Index Fund (ETF) on the Toronto Stock Exchange ( TSX trading volume of more than 80 million records), alone in the first hours achieved US dollars. This euphoria then subsided, however, because in the following hour the ETF only reached USD 15 million in trading volume. At the time of going to press, BTCC.B, the Canadian dollar version, had 7,905,000 units traded while BTCC.U, the US dollar quoted version, had 1,312,000 units.
In the accompanying press release , the CEO of Purpose Investments writes that his company is convinced of the future potential of Bitcoin:
„We are convinced that Bitcoin will continue to grow as the first and largest cryptocurrency and establish itself as an alternative asset class, which will enable it to continue to strengthen its attractiveness as an investment product,“ said the head of the investment company. And further: „Our goal at Purpose is to become the market leader in crypto investments and to open up alternative investment paths for investors that are not based on traditional standards.“
The official website of Purpose Investments shows that the company’s own Bitcoin ETF is currently covered by 85.34569077 BTC. Depending on the buying interest, more Bitcoin should be added later. Interestingly, the investment firm names EtherCapital, a hedge fund specializing in Ethereum, as one of its partners in creating the Bitcoin ETF.
Although the Purpose ETF is currently the first North American Bitcoin index fund, more are likely to follow soon. The Financial Ontario already has a second Bitcoin ETF from the Evolve Funds Group waved through , also multiple outstanding requests have now been to the Authority submitted .