Purpose Investments, an exchange-traded fund (ETF), has raised $ 400 million in assets since its launch this week. Data leads Purpose Investments on its website.
Purpose Bitcoin ETF became the first instrument in its category in North America after being approved by the Ontario Securities Commission. The Canadian regulator this week also authorized the launch of Evolve’s bitcoin ETF, which managed to raise $ 1.2 million under management.
Bloomberg ETF analyst Eric Balchunas says the Purpose Investments ETF is “breaking expectations.” “At current rates, this ETF will be the largest in Canada in 20 days,” he said.
Publicly available data indicates that several such instruments are currently awaiting approval in Canada. The last application was filed by CI Financial on 18 February.
Market participants expect the news from Canada to affect US regulators, which until now have refused to approve Bitcoin ETFs in their territory. SEC Commissioner Hester Pearce recently expressed her opinion that US markets are ready to accept Bitcoin Exchange Traded Product (ETP), without specifying if it will be an ETF or something else.