Cryptocurrencies
First Bitcoin ETF in North America Hits $1 Billion in Assets
- Purpose fund in Canada reaches milestone in seven weeks
- Demand for Bitcoin ETFs rages as U.S. issuers seek approvals
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Less than two months after launching, the first North American Bitcoin ETF already reached $1 billion (C$1.25 billion) in assets, according to a statement from its issuer.
The product from Toronto-based Purpose Investments, ticker BTCC, has seen massive interest as investors clamor for crypto exposure, especially in an exchange-traded fund wrapper. Although Europe has several crypto funds that effectively work like an ETF, this is the first anywhere to carry the ETF label.