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.

Feb 20, 2021 at 5:20 p.m. UTC
Updated Sep 14, 2021 at 12:14 p.m. UTC

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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.