First bitcoin ETF in North America raises $ 400 million in two days

The first bitcoin (BTC) exchange-traded investment fund (ETF), announced on February 11, began trading on the Toronto Stock Exchange (TSX) on Thursday, February 18 and managed to raise USD 421 million in two days. A bitcoin ETF is designed to offer exposure to that cryptocurrency through direct investment, with physical settlement.

The bitcoin ETF (BTCC acronym), launched on the Canadian market by Purpose Investements, traded CAD 80 million in the first hour of trading and CAD 200 million (approximately USD 165 million) on the first day. The figure traded on Friday the 19th was CAD 350, which gives an approximate total of USD 421 traded in two days, according to Yahoo Finance.

According to a tweet from Bloomberg ETF specialist Eric Balchunas, these amounts represent a record relative to the volumes traded for traditional ETFs in both Canada and the US. “Canada’s record would be positioned among the 5 first ETFs, and also among the first in the US Average ETF volumes are less than $ 20 million. “

Balchunas said in another tweet last Friday that, with the record amounts traded in its first two days, This ETF could outperform the largest instruments of its kind in Canada in a few weeks.

Also, $ BTCC may achieve total assets of $ 1 billion next week. Canada’s largest ETF totals $ 8 billion and the second-largest $ 5 billion. I’m not ruling out that $ BTCC surpasses one, or both, in a couple of months.

Eric Balchunas, Bloomberg ETF Specialist.

This first North American bitcoin ETF, reported on February 11 by CriptoNoticias, was joined by another, which began trading on the Toronto Stock Exchange last Friday, issued by Evolve Funds. The most recent request for a bitcoin ETF in the United States was made before the SEC on Tuesday, February 16, by the New York Digital Investment Group (NYDIG) and the Morgan Stanley Investment bank, a fact reported by CriptoNoticias.