Just over a month post-launch, Purpose Investment's Bitcoin exchange-traded fund (ETF) holds more than 14,000 bitcoin, approximately $820 million at press time, in assets under management.
The Canadian asset management firm reported its milestone on Thursday, when it disclosed that the ETF had cracked the $1 billion mark in Canadian dollars on its one-month anniversary. Founder and CEO of Purpose Investments Som Seif commented on the achievement:
When we launched Purpose Bitcoin ETF, we knew we were filling a void in the market. Hitting this milestone so quickly proves that investors are seeking convenient, safe access to cryptocurrencies and shows their confidence in our ETF as the premier vehicle for that exposure.
The developments put Canada well ahead of a U.S. equivalent, although many are trying for the first ETF in the country. Besides VanEck and WisdomTree, Anthony Scaramucci's SkyBridge Capital most recently filed for an ETF to open the floodgates for further Bitcoin adoption.
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