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Canada’s First Bitcoin ETF Hits $421.8M AUM in Two Days

One analyst said the ETF could reach $1 billion in assets under management by the end of next week.

Updated Mar 8, 2024, 4:18 p.m. Published Feb 20, 2021, 5:20 p.m.

The first publicly traded bitcoin exchange-traded fund (ETF) in North America has collected $421.8 million in assets under management (AUM) in two days.

Purpose Investment’s bitcoin ETF officially started trading on the Toronto Stock Exchange (TSX) under the ticker “BTCC” on Thursday.
The fund has seen huge interest, trading well over $100 million shares on its first day, and by the end of Friday it had collected $421.8 million AUM.
Bloomberg Intelligence ETFs analyst Eric Balchunas tweeted the Purpose Investment’s bitcoin ETF could reach $1 billion in assets by the end of next week.
On Friday, another bitcoin ETF, the Evolve ETF, started trading on the TSX under the ticker “EBIT” and has $1.271 million AUM.
Both Evolve and Purpose Investment’s bitcoin ETFs have a management fee of 1%.
Purpose's index information is provided by TradeBlock, a CoinDesk subsidiary.

Read more: State of Crypto: Will 2021 Finally Be the Year of the Bitcoin ETF?

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Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.