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Bloomberg Analyst Claims $1 Billion AUM Is The Target For Canadian Bitcoin ETF

The purpose Bitcoin fund may very well surpass nearly all other ETFs within Canada during the next couple of months, according to Eric Balchunas, an analyst at Bloomberg. The very first Bitcoin exchange-traded fund has managed to reach over $400 million in terms of volume and is actually expected to reach even grander heights despite only having a couple of days of trading.

Canadian Bitcoin (BTC) ETF Plans To Reach $1B In AUM

Eric Balchunas claimed that the Bitcoin exchange-traded fund, otherwise referred to as ETF, had recently debuted via Canadian firm Purpose Investments and has plans to reach $1 billion in assets under management towards the end of the month. It is worth noting that this statement came prior to when Bitcoin ETF was reported to have traded $421.8 million back when it was initially listed on the Toronto Stock Exchange around some time last week.

Balchunas had also compared the very impressive debut of the Purpose Bitcoin fund to various ETFs, which are also trading on the Toronto Stock Exchange as we speak. Amassing an amount bigger than $4.6 billion in complete assets, the JPMorgan BetaBuilders Canada ETF has become one of the largest in the country. The Bloomberg analyst further added that the idea of the Purpose Bitcoin ETF surpassing everyone else in Canada within the next two months should not come as a surprise to anyone, as it is extremely likely to occur.

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Green Light Yet To Be Given By US Regulators

Although there has been some speculation from a portion of investment managers suggesting that the United States Securities and Exchange Commission under the administration of current President Joe Biden may, in fact, be more open-minded to approving a Bitcoin ETF, other regulators within the United States have yet to provide the necessary permission in order to enable such an action.

Nevertheless, there is continued interest, and certain companies such as The Dallas based Valkyrie Digital Assets, as well as the New York Digital Investment Group, have both decided to file the paperwork for a Bitcoin ETF to be approved in the near future under the present-day United States administration and Congress.

MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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