A purpose campaign-based ETF was recently launched in North America which revealed a huge demand for crypto within the region. It was documented that the campaign went pretty successful as it managed to collect 165 Million dollars on the first day of trading.
It wasn’t long enough when the ETF fund i.e. Purpose Bitcoin ETF was initiated and registered in Canada. The ETF fund was to be introduced in North America and it was proposed that the date of launch will be decided later. A day ago the fund was successfully launched and instantly became the first of its kind Bitcoin ETF Fund in the region. It was noted by Claire Ballentine of Bloomberg that the response in North America was beyond expectations. It was stated by Ballentine that they saw demand larger than any other ETF which is listed on TSX.
The newly established ETF fund is the first one of its kind which has been established by a Canadian company known as Purpose Investments. Furthermore, the fund got the trade license from the Canadian regulator i.e. Ontario Securities Commission. The ticker symbol allotted to the fund is “BTCC”.
Ballentine further pointed out that when trading started then in less than an hour time, the fund saw US$ 80 Million worth of trading. It was noted that this could be record-breaking for any newly launched fund, in particular in the area of North American. The fund successfully acquired huge attention that what was expected on its debut, suggested Ballentine. Business entrepreneurs from North America said that ETF-funds trading is still untapped in the region and there is a dire need to embrace it massively.
After the successful launch of Purpose Bitcoin ETF, it was reported that there is yet another TSX listed ETF fund to make its debut. This ETF-Fund has been told to be operated by a company known as Evolve. It was pointed out that the fund will be Bitcoin-specific and will be using custodial services rendered by Gemini. It was reported that Evolve maintained Bitcoin ETF-Fund will be launched on the coming Friday.
Evolve on the other hand is another company hailing from Canada whose primary source of business is to manage funds. As of today, the assets under management with Evolve surpasses the value of US$ 1.7 Billion, and Evolve is considered an economic giant in Canada.
Since both the ETF-funds have been launched by Canada, crypto experts are expecting that the US will follow in Canada’s footsteps. However, there has been no news confirming the US’s initiative of launching any ETFs soon. However, there are several EFT-Funds who are awaiting approvals from the US Securities & Exchange Commission. The approvals have been kept pending for a long and the history of US SEC and crypto is not considered very sound. There are several disputes going on between cryptos and SEC.