News
ByAuthor J.D. SmithPosted on
6
0

North American Bitcoin ETF Erupts, Analyst Says It Could Soon Shatter $1 Billion in Assets Under Management

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A Bloomberg Intelligence analyst is estimating that the first North American Bitcoin exchange-traded fund (ETF) is on track to reach $1 billion in assets under management (AUM) in the coming days.

In a new tweet, Bloomberg Intelligence’s senior ETF analyst Eric Balchunas predicts that the Purpose Bitcoin ETF, which trades under the BTCC ticker on the Toronto Stock Exchange (TSX), could soon hold more than double its current AUM.

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“Canada Bitcoin ETF BTCC traded $350m (CAD+USD) today, a 40% jump from yesterday (defying typical Day Two drop-off) and 3x more than any other ETF (unreal). Proportionally speaking, this is equivalent to about $5 billion in volume in the US (or about 7x more than GBTC). Two-day AUM is estimated at $330m.

Also, BTCC will likely reach $1 billion in AUM by the end of next week. The biggest ETF in Canada is only $8 billion. The second biggest is $5 billion. I wouldn’t be surprised if this passes one or both of them in [the] next couple months (barring a nasty selloff, which is possible).”

Purpose Investments, the fund’s issuer, reports that the Bitcoin ETF hit $421.8 million in AUM within the first few days of its launch, and did $80 million worth of trading volume in its first hour on the market.

Purpose CEO Som Seif also anticipates that the ETF will grow astronomically in size and that the fund will help hasten the growth of the cryptocurrency sector as a whole.

“We believe Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and adoption as an alternative asset… By making Bitcoin more accessible to investors through the ETF, Purpose can accelerate the process of bringing cryptocurrency into the mainstream.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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