The Purpose Investments Bitcoin Exchange Traded Fund (ETF) reached $ 624 million in value in just nine days.
The ETF passed the $ 400 million AUM mark just two days after it launched on February 18.
The fund has currently amassed 10,064 BTC. It is traded under the tickers „BTCC.B“ and „BTCC.U“. The former is the Canadian dollar denominated fund and the latter is the US dollar denominated ETF.
Bitcoin: Purpose Bitcoin ETF Holdings by Glassnode
Purpose’s Bitcoin ETF is the first in the world to be backed by physically settled BTC. The ETF is registered in Canada and is traded on the Toronto Stock Exchange.
Purpose Investments will be the manager of the ETF, with Ether Capital Corporation acting as special advisor. Ether Capital is a platform that enables public market investors to gain exposure to Ethereum and the Web 3 ecosystem.
The Bitcoin ETF Price War
Just a day before Purpose’s Bitcoin ETF fund launched on February 18, Canada’s Ontario Securities Commission (OSC) approved Evolve’s second North American publicly traded ETF.
Evolve’s Bitcoin ETF is also traded on the Toronto Stock Exchange under the ticker “EBIT” and “EBIT.U”. He currently only has $ 38.24 million in BTC under AUM, which is negligible compared to Purposes AUM of $ 624 million.
To break into Purpose’s market share in the Bitcoin ETF market, Evolve started a price war by lowering the price of its EBIT Bitcoin ETF from 1% to 0.75%. This makes Evolve’s ETF cheaper than the 1% expense ratio of the Purpose BTC ETF (BTCC).
USA still reluctant
As reported by the Washington Post, a Bitcoin ETF ( $ 100k by May? ) Could actually become a reality in the United States.
In fact, Valkyrie has filed an application with the United States Securities and Exchange Commission (SEC). If successful, this ETF would be the first BTC ETF fund registered in the United States and would be listed on the CBOE’s BCX exchange.
This isn’t the first time a US-based company has done this. At the end of last year, in December, VanEck filed a BTC ETF with the SEC for the third time.
While US regulators the concept of Bitcoin ETFs (to buy Bitcoin with PayPal Instructions ) have not taken a good thing, the Canadian securities regulators seem to be quite open to the possibilities over. In light of this, CI Global Asset Management (CI GAM) announced that it has applied for an Ethereum ETF with the OSC. If the filing is successful, the fund would be the first Ethereum ETF.