Canada’s Bitcoin ETF Starts Trading With A Purpose

The Purpose Bitcoin ETF opened for trading on Thursday and was the biggest traded ETF on the Toronto TSX that day with over 10 million shares changing hands.

The Purpose ETF witnessed over $80 million in volume in its first hour of trading, and although it’s early days ‘trading volumes were well above an ETF’s typical first day in Canada,’ according to Bloomberg Intelligence analyst James Seyffart.

The Purpose Bitcoin ETF (BTCC) has already amassed $421 million AUM in only two days of trading, crushing all estimates.

What is arguably more interesting, however, is the ETF didn’t have a second day drop-off, like other debuting ETFs and instead had a 40% jump on its opening day, and x3 more than any other ETF that day.

Bloomberg ETF reporter Eric Balchunas took to Twitter to eulogise about the speed at which the Purpose ETF had come out of the blocks, claiming it would ‘likely reach $1 billion by the end of next week.’ Read More

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