Fun

North America’s First Bitcoin ETF Now Holds Over 11,000 BTC

News Feed - 2021-03-04 09:03:43

North America"s First Bitcoin ETF Now Holds Over 11,000 BTC


The first bitcoin exchange-traded fund (ETF) in North America now holds over 11,000 bitcoins. Purpose Bitcoin ETF saw strong interest at launch. An ETF researcher explained that the surge in interest was evidence of some combination of pent-up demand, the price of bitcoin, and investors switching from other means of getting cryptocurrency exposure. First North American Bitcoin ETF Holding More Than 11K Bitcoins


The first approved bitcoin exchange-traded fund (ETF) in North America, Purpose Bitcoin ETF, is holding 11,141.2363 bitcoins as of March 2. According to Purpose Investments, which manages the fund, the bitcoin ETF currently has CA$669 million ($530 million) in assets under management.


Purpose Bitcoin ETF gained widespread attention when it launched on Feb. 18 on the Toronto Stock Exchange (TSX). The fund saw more than $165 million in trading volume on the first day. The ETF trades under the symbols BTCC.B (Canadian dollar-denominated ETF non-currency hedged units) and BTCC.U (U.S. dollar-denominated ETF non-currency hedged units). Purpose Bitcoin ETF’s bitcoin holdings. Source: Glassnode


However, trading has slowed significantly since its launch. The volume stood at $17 million on Tuesday. Ben Johnson, Morningstar’s global director of ETF research, was quoted by Bloomberg as saying: “The initial surge in interest was evidence of some combination of pent-up demand, investors switching from other means of getting bitcoin exposure, and the fact that bitcoin’s price was notching new highs as the Purpose ETF began trading. Longer term, I expect volumes will be correlated with bitcoin’s price.”



Canada’s securities regulator has approved another bitcoin ETF. Evolve Bitcoin ETF started trading on the TSX one day after Purpose Bitcoin ETF. It trades under the symbol EBIT (which offers exposure to the daily price movement of bitcoin in Canadian dollars) and EBIT.U (which offers exposure to the daily price movements of bitcoin in U.S. dollars).


Evolve Bitcoin ETF’s volume at launch was about $15 million. Its volume dwindled to about $3.2 million shares on Tuesday. The ETF lowered its management fee from 1% to 0.75% on Feb. 24, making it cheaper than the fees charged by Purpose Bitcoin ETF. On March 2, Evolve filed to list and trade an ether ETF designed to provide investors with exposure to ETH.


Meanwhile, the U.S. Securities and Exchange Commission (SEC) has not approved any cryptocurrency ETF. President Joe Biden’s pick to lead the SEC, Gary Gensler, has yet to be confirmed as the SEC chairman. This week, the Chicago Board Options Exchange (Cboe) filed with the SEC to list and trade a bitcoin ETF.


Would you invest in a bitcoin ETF? Let us know in the comments section below. JPMorgan Says Investors Can Put 1% of Their Portfolios in Bitcoin Despite Calling It a Poor Hedge MARKETS AND PRICES | 4 days ago Institutional Investors Pile Into Crypto Exchange-Traded Products: Managed Assets Rise to $44 Billion This Month MARKETS AND PRICES | 5 days ago Tags in this story approved etf, bitcoin etf, Bitcoin ETFs, canadian bitcoin etf, evolve etf, exchange traded fund, purpose etf, US Bitcoin ETF, US SEC


Image Credits: Shutterstock, Pixabay, Wiki Commons Use Bitcoin and Bitcoin Cash to play online casino games here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

1inch unveils crypto debit card in partnership with Mastercard and Baanx
Tristan Greene7 hours ago1inch unveils crypto debit card in partnership with Mastercard and BaanxUsers will be able to make cash withdrawals and point-of-sale transactions at supported ATMs and locations.3938 Total views
Arijit Sarkar13 hours agoWeb3 wallet Backpack to launch VASP-licensed crypto exchange in DubaiThe Backpack crypto wallet has bagged operational licenses across several jurisdictions worldwide over the past five months, a
Switzerland’s Leonteq Offers Crypto Assets to Investors in Germany and Austria
Switzerland’s Leonteq Offers Crypto Assets to Investors in Germany and Austria Swiss fintech firm Leonteq has introduced its digital asset products in two neig
BlackRock’s head of crypto doesn’t see Bitcoin as a ‘risk-on’ asset
Felix Ng15 hours agoBlackRock’s head of crypto doesn’t see Bitcoin as a ‘risk-on’ assetEquities, unemployment, job numbers or manufacturing have no connection to Bitcoin, says BlackRock’s head of digital assets
XRP Short-Term Movements Remain Uncertain, But 4-Hour Chart Shows Strength
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Zilliqa battles back-to-back network disruptions amid latest upgrade rollout
Alek Hidell10 hours agoZilliqa battles back-to-back network disruptions amid latest upgrade rolloutFollowing a series of network disruptions, Zilliqa has restored network functionality and is focused on debugging amid it
Prashant Jha2 hours agoShiba Inu’s Shibarium Ethereum L2 blockchain goes live on mainnetShibarium’s beta phase saw a total of 21 million wallets on the L2, driving the interest of users months before the launch.4773
Wallets linked to Coinbase and Vitalik Buterin have millions ‘stuck’ in bridge contracts
Prashant Jha2 hours agoWallets linked to Coinbase and Vitalik Buterin have millions ‘stuck’ in bridge contractsArkham Research tagged and notified wallet owners to look at the addresses and retrieve their funds, whic
Pro Trader-Focused NFT Marketplace Blur Secures $11 Million in Seed Round Led by Paradigm
Pro Trader-Focused NFT Marketplace Blur Secures $11 Million in Seed Round Led by Paradigm On March 28, the non-fungible token (NFT) marketplace Blur announced the company has raise
Softbank lost 99% when the dotcom bubble burst, now it’s all-in on AI
Tristan Greene3 hours agoSoftbank lost 99% when the dotcom bubble burst, now it’s all-in on AISoftbank Group stocks reached an all-time-high on a market capitalization of $97.2 billion.764 Total views1 Total sharesList
Bank of Italy to release crypto guidelines in ‘coming days’ — Governor
Jesse Coghlan3 hours agoBank of Italy to release crypto guidelines in ‘coming days’ — GovernorItaly’s central bank will soon share how the country should apply the EU’s MiCA crypto laws, with its governor slamm
SEC radio silence on Ethereum ETF ‘not a good sign’ — Bloomberg analyst
Tom Mitchelhill5 hours agoSEC radio silence on Ethereum ETF ‘not a good sign’ — Bloomberg analystSenior Bloomberg ETF analyst Eric Balchunas says the chances of an ETH ETF approval grow slimmer every day the SEC ma