The first Bitcoin ETF in North America, TSX’s Purpose Bitcoin ETF, launched today with great success, with a trading volume of close to $ 100 million.

The Bloomberg Law Report indicates that ETFs volume was more than $ 80 million in the first hour of trading, although it has since decreased dramatically by about $ 15 million between BCTCCB, Canadian dollar-denominated companies, and BTCC. … U, the US dollar index. Upon release, BTCC.B sold 7,905,000 units at $ 10.28 and BTCC.U sold 1,312,000 units at $ 10.27 per TSX.

In a press release today, the founder and CEO of Purpose Investments, an ETF provider, Som Seif, said his company believes Bitcoin has a promising future.

“We believe that Bitcoin, as the first and largest asset in the new cryptocurrency ecosystem, is ready to continue its growth path and accept it as an alternative asset, which will boost the investment opportunities it provides,” Saif said. “The pursuit of leadership in investing in cryptocurrencies is a testament to the purpose of providing investors with alternative investment solutions that are not based on traditional standards.”

The Purpose Investments website indicates that the fund is currently supporting 85.34569077 BTC and more bitcoins will be bought in proportion to the number of shares purchased. Ironically, Purpose is listing its website EtherCapital, an Ethereum-focused hedge fund, as an ETF offering partner.

While the Purpose ETF is the first Western-listed fund to make its way into North America, it definitely won’t be the last. Ontario regulators approved another Bitcoin ETF from the Evolve Funds Group last week, and there have been several other regulatory filings pending.

Nevertheless, the advance towards US stock market ETFs remains strong. While experts believe that the new administration increases the chances of the proposal, and many institutions have applied for BTC and other cryptocurrencies, there has been no green light yet.

For now, US investors should be content with listed trust products, such as the Grayscale line of investment confidence, which continues to be consistently celebrated with record inflows.

Source: CoinTelegraph

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