Purpose Investments Fund earlier this year launched a fund traded on bitcoin exchanges (ETFs), the first such product to receive regulatory approval in North America. Since then, it has shown incredible appetite for this product, breaking records in its first few weeks and accumulating $ 1 billion in assets.
“Less than two months after launch, the first US Bitcoin ETF has already reached $ 1 billion … in assets,” Bloomberg reported. “Toronto-based Purpose Investments product, ticket BTCC, has seen great interest as investors claim the cryptocurrency exposure, especially in a wrap of publicly traded funds.”
On its first day of trading, the Bitcoin ETF traded shares worth $ 200 million, a success that grew in the following days as the Bitcoin ETF would eventually run out. accumulate more more than $ 500 million in assets when it ended its first week.
The Purpose Bitcoin ETF cannot be traded on U.S. stock exchanges due to U.S. securities and securities (SEC) regulations. Several investment companies, including VanEck, Skybridge Capital, Galaxy Digital and Valkyrie Digital Assets, have submitted proposals to the SEC to offer bitcoin ETFs and are currently pending approval.
Speculators and experts continue to use the performance of the Purpose Bitcoin ETF in the Canadian market to predict how the US market will react as long as the SEC allows trading with bitcoin ETFs. Its performance, along with other recent developments in space, promise a strong appetite for this product in the US