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World’s First Bitcoin ETF Soars Past $1 Billion CAD. Is Grayscale’s Market Under Threat?

Just one month since it launched, the Purpose Investments’ Bitcoin ETF has crossed the CAD 1 billion mark ($800 million). The ETF was the first in North America, enabling institutional investors to get into the Bitcoin market in a regulated way. As the Canadian firm now reveals, these investors have shown a great appetite for the product, pushing it to a significant milestone.

The Purpose Bitcoin ETF launched on February 18. It was an instant hit, recording close to $165 million on its first day. In a week, it had surpassed 10,000 BTC, indicating the great appetite for the crypto among professional investors.

As the Canadian firm now reveals, it has exceeded CAD 1 billion as it marks its one-month anniversary.

“When we launched Purpose Bitcoin ETF, we knew we were filling a void in the market. Hitting this milestone so quickly proves that investors are seeking convenient, safe access to cryptocurrencies and shows their confidence in our ETF as the premier vehicle for that exposure,” Som Seif, the CEO at Purpose remarked.

Purpose Bitcoin ETF is the first backed by physically settled BTC and not derivatives. This allows investors to easily dip their toes in the BTC waters without the hassle and risk of self-custody. The ETF trades on the Toronto Stock Exchange under the ticker symbol BTCC. Gemini, the Winklevoss twins’ exchange, custodies all the BTC for Purpose.

Purpose Bitcoin ETF threatens Grayscale

When it launched initially, few could have predicted the immense success that BTCC would realize. With over $1 billion CAD in Bitcoin …
Story continues on Zycrypto

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