The starting time Bitcoin ETF in N America, TSX's Purpose Bitcoin ETF, had a gangbuster debut today, trading nearly $100 million in volume.

A Bloomberg Law study noted that the ETF saw over $80 one thousand thousand in volume in the get-go hour of trading, though it's since slowed significantly with roughly another $fifteen one thousand thousand in book between BCTCC.B, the Canadian dollar-denominated units, and BTCC.U, the American dollar-denominated ticker. As of publication, BTCC.B has traded vii,905,000 units priced at $10.28, and BTCC.U ane,312,000 units at $10.27, per the TSX.

In a printing release today, ETF provider Purpose Investments founder and CEO Som Seif said that his visitor believes Bitcoin has a promising futurity.

"We believe Bitcoin, as the first and largest nugget in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and adoption equally an alternative asset, farther cementing the investment opportunity information technology presents," said Seif. "Driving forrard to be the leader in cryptocurrency investing is a testament to Purpose'south goal of providing investors with alternative investment solutions that are non based off of traditional benchmarks."

Purpose Investments website notes that the fund is currently backed by 85.34569077 BTC, and more Bitcoin will be bought proportionately to the quantity of purchased shares. Curiously, Purpose's website lists EtherCapital, an Ethereum-focused hedge fund, as a partner in the ETF offer.

While the Purpose ETF is the kickoff Western exchange-traded fund to hit N America, information technology certainly won't be the terminal. Ontario regulators approved a second Bitcoin ETF from Evolve Funds Group last week, and there have been multiple other unapproved filings with regulators as well.

Progress towards an ETF on an American commutation remains stalled, even so. While experts believe that the new administration increases the chances of an offering and multiple institutions have filed for BTC and other crypto products, in that location has been no light-green light equally of nonetheless.

For at present, American investors will have to settle for exchange-traded trust products such every bit Grayscale's line of Investment Trusts, which continues to consistently marker record inflows.