Canadian Bitcoin ETF predicted to hit $1B AUM by Friday: Bloomberg analyst

Canadian Bitcoin ETF predicted to hit $1B AUM by Friday: Bloomberg analyst


With only two full days of trading under its belt, the first Bitcoin (BTC) exchange-traded fund in North America reached more than $400 million in volume and is expected to go even higher.

According to a tweet from Bloomberg analyst Eric Balchunas, the Bitcoin exchange-traded fund, or ETF, recently debuted by Canadian firm Purpose Investments is likely to hit $1 billion in assets under management by Feb. 26. His prediction came prior to Purpose reporting its Bitcoin ETF traded $421.8 million between the time when it was first listed on the Toronto Stock Exchange, or TSX, on Feb. 18 and when markets closed Friday. The ETF is listed under the ticker BTCC.

Balchunas compared the impressive debut of the Purpose Bitcoin fund to other ETFs currently trading on the TSX. At more than $4.6 billion in total assets, the JPMorgan BetaBuilders Canada ETF is one of the biggest in the country. The Bloomberg analyst said he “wouldn’t be surprised”

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