Following a series of Bitcoin ETF approvals from Canadian regulators about two months ago, these products have attracted more than $1 billion in assets under management (AUM).
The Purpose Investments ETF, which was the first Bitcoin exchange-traded fund (ETF) to debut in Canada, is currently leading the pack with about $1.1 billion in AUM. Two other Bitcoin products that launched shortly after the Purpose Bitcoin ETF have also witnessed an increase in the AUM. Their combined AUM has risen to about $200 million since launch. This brings the total net value of Canada’s Bitcoin ETFs to around $1.3 billion.
As earlier reported by BTC PEERS, the Purpose product was launched in late February. The ETF was met with massive demand from investors, generating nearly $100 million in trading volume on its first day. Within the first week, the ETF attracted more than $500 million in AUM as investors rushed to explore Bitcoin trading without the risk of storing the digital asset.
With Canada setting the pace, many analysts believe that approval from the U.S. Securities and Exchange Commission is in sight. Several American firms have filed for approval for Bitcoin ETFs with the United Stated financial watchdog. However, no fund has been approved by the Commission to date.