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Canada’s First ETF Raised $421 Million In Two Days: Report

Stefan by Stefan
21/02/2021
in Bitcoin News
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Canada’s first ETF raised $421 million in just two days, smashing the expectations of the investors so let’s take a closer look at today’s crypto news.

The Purpose Bitcoin Exchange Traded Fund got off to a skyrocketing start this week as Canada’s first ETF as it raised $421 million in two days. A second ETF in Canada was launched by Evolve two days ago as well. The North American BTC ETF skyrocketed and Bloomberg reporter Eric Balchunas even tweeted that the Purpose BTC ETF is now crushing the people’s estimates. He said that “ if it were to keep up this pace it will be the biggest ETF in Canada in 20 days.”

STUNNING: The Canada Bitcoin ETF $BTCC already has collected $421m in assets first two days (crushing our estimate). Proportionally speaking it is the equiv of a US ETF taking $8b in first two days. If it were to keep up this pace it will be the biggest ETF in Canada in 20 days. pic.twitter.com/ESIMIiy7qy

— Eric Balchunas (@EricBalchunas) February 20, 2021

This month, Canada approved two BTC ETFs, The Purpose one that launched on Wednesday and traded $80 million worth of shares in the first 60 minutes and $165 million in the first 24 hours. Evolve launched a second Canadian BTC ETF and a third one could arrive via CI Financial that filed preliminary prospectuses for their own ETFs and there’s also another company 3iq that filed the same thing for an ETF last week. Purpose’s market cap is now sitting at $2.6 million USD while Evolve’s one is set at $1.3 million.

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Evolve received higher growth in the past day and the price was set at $27.17 after the 24-hour increase of 7% while Purpose’s saw gains of 4%. There was most certainly a frenzy around Purpose which Balchunas said was the most traded ETF on the first day in the country so Evolve could claim no title like this one but it is still in the top 20 on its opening day. For everyone that is looking for a low risk of getting a piece of the BTC bull run, ETFs provide an auditable investment vehicle that follows all regulatory rules. Right now, the US has no approved an ETF with the next best thing being Grayscale’s Bitcoin and Ethereum trusts.

This is just wild. The Canada Bitcoin ETF was the most traded ETF in the country on its FIRST DAY. I've never seen that. It would be like an ETF here trading more than $SPY on its first day. And this is just the CAD class, USD class was 11th most traded. pic.twitter.com/NBpo0uFzZD

— Eric Balchunas (@EricBalchunas) February 19, 2021

Up to this date, the US SEC hasn’t approved an ETF in the country but since the resignation to US SEC Jay Clayton, companies like Valkyrie and VanEck are awaiting for approval.

The Purpose Bitcoin ETF was approved in Canada at the start of the month and runs on the Toronto Stock Exchange. The physical BTC that the ETF trades is stored on Gemini’s exchange. As per the Bloomberg ETF analyst Eric Balchunas, it was “an epic full first day” for Purpose.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Tags: CANADAcanada ETFcanada's first ETFETFexchange traded fundfeaturedpurpose bitcoin exchangeReport
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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