The world's first Bitcoin Exchange Traded Fund (ETF) launched in Canada last week and received a huge welcome from investors. In Canada he set a real record, placing himself in the top five for North America. As Glassnode reveals, it has shown no signs of slowing, growing exponentially.
While US companies have been asking for a BTC ETF license for years, Canadian neighbors have beaten them on time. Purpose Investments launched the ETF with the BTCC ticker. Immediately following its launch, it attracted tremendous interest from investors, trading nearly $ 400 million in two days.
More good news to come
But the good news doesn't stop there. Purpose announced that options for its BTCC ETF will also be listed on the Montreal Stock Exchange. The Canadian financial services firm TMX Group would be responsible for these options.
In announcing this news, Purpose CEO and founder Som Seif said, “This is great news for investors and a show of strength towards renewal. In less than a week since we launched the Bitcoin ETF, we are already seeing TMX's options trading infrastructure in place. This not only provides investors with more ways to get Bitcoin, but also reinforces the idea that Purpose is the leading cryptocurrency tracker in North America. "
Canada overtakes the United States as an ETF hub
Canada intends to become the world's leading hub for cryptocurrency ETFs. A few days after Purpose launched its ETF, another Canadian company launched its own. Evolve Fund Group's ETF debuted last Friday, but attracted less interest, raising just $ 14,5 million. Additionally, CI Global Asset Management has submitted a preliminary prospectus for a third ETF.
According to Seif, Canada is much more likely to embrace innovation than the United States. This gives companies the confidence to launch innovative products, knowing they will receive regulatory support.
Purpose's CEO told Bloomberg that: "Canada has shown that it has a process that leads to innovation and the systems that enable it."
Nate Geraci, president of the ETF Store consulting firm, agrees. He believes US regulators have fallen behind when it comes to investment products innovative.
“It amazes me that we don't have a Bitcoin ETF in the US yet. It is understandable that there may be a difficult balance between adopting innovation and ensuring adequate investor protection. However, given the existing Bitcoin products available to US investors, a Bitcoin ETF would appear to strike that balance. "
Several companies have applied for a Bitcoin ETF license in the United States, but the SEC rejected them all. The latest to try their luck is NYDIG, a spin-off of Stone Ridge Asset Management. Under new leadership following the acquisition of Joe Biden, NYDIG believes the SEC may finally approve a Bitcoin ETF.