In just two full days of trading, the first North American Stock Exchange (BTC) fund has reached more than $ 400 million in volume and is expected to grow further.

According to a tweet by Bloomberg analyst Eric Balchunas, a recently launched Bitcoin listed fund or ETF by Canadian company Purpose Investments will likely reach $ 1 billion in assets under management by February 26. It reported that the Bitcoin ETF traded at $ 421.8 million from its first listing on the Toronto Stock Exchange (TSX) on February 18th until the markets closed on Friday. ETFs are listed under the BTCC bar.

Balchunas compared the impressive appearance of the Purpose Bitcoin Fund to the other ETFs currently traded on the TSX. The total assets of the JPMorgan BetaBuilder Canadian ETF exceeds $ 4.6 billion, and is one of the largest in the country. Bloomberg analysts said he would “not be surprised” if the Bitcoin ETF target exceeds all others in Canada in two months and “prevents an ugly sell”.

The Purpose ETF is not the only Bitcoin fund in North America sharing its assets. Evolve Funds Group received approval from the Ontario Securities Commission last week to launch its Bitcoin ETF, which began trading on Friday under the EBIT index. At the close of trading on Friday, 103,595 units of EBIT.U were sold at $ 21.54.

While some investment managers have suggested that the Securities and Exchange Commission under US President Joe Biden might be more open to approving bitcoin ETFs, US regulators have yet to give it the green light. Just as the New York Digital Investment Group has applied, Dallas-based Valkyrie Digital Assets have applied for the Bitcoin ETF since the new president took office.

According to TSX, BTCC.B sold 9,270,111 units at $ 10.55, and BTCC.U sold 2,065,855 units at $ 10.57 on Friday.

Source: CoinTelegraph

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