The first Canadian Bitcoin ETF has a volume of almost $ 100 million in the first hours of trading

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The first Bitcoin ETF in North America, TSX’s Purpose Bitcoin ETF, made a gangbuster debut today and traded at nearly $ 100 million.

A report by Bloomberg Law found that the ETF had a volume of over $ 80 million in the first hour of trading, but has since moved between BCTCC.B, which is denominated in Canadian dollars, with a volume of around another $ 15 million Shares, and BTCC.U has slowed down considerably. the US dollar ticker. At the time of publication, BTCC.B was trading 7,905,000 units at a price of $ 10.28 and BTCC.U was trading 1,312,000 units at a price of $ 10.27 per TSX.

In a press release today, ETF provider Purpose Investments’ founder and CEO Som Seif said his company believes Bitcoin is a bright future.

“We believe that Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and to be adopted as an alternative asset to further solidify the investment opportunities that arise,” said Seif. Investing in cryptocurrency is evidence of this Purpose’s aim to offer investors alternative investment solutions that are not based on traditional benchmarks. “

The Purpose Investments website notes that the fund is currently backed by 85.34569077 BTC and that more Bitcoin will be purchased in proportion to the amount of shares purchased. Oddly enough, Purpose’s website lists EtherCapital, an Ethereum-focused hedge fund, as a partner in the ETF offering.

The Purpose ETF may be the first Western exchange-traded fund in North America, but it will certainly not be the last. Ontario regulators approved a second Bitcoin ETF from Evolve Funds Group last week, and there have also been several other unapproved filings with regulators.

However, progress towards becoming an ETF on an American exchange has stalled. While experts believe that the new administration increases the chances of an offer and several institutes have applied for BTC and other crypto products, it has not yet been given the green light.

For now, American investors will have to settle for exchange-traded trust products like Grayscale’s line of investment trusts, which continue to see record inflows.