The first bitcoin ETF crosses $1 billion in assets under management just one month after launch
- The first-ever
bitcoin ETFhas passed the $1 billion mark in assets under management.
- The Purpose
BitcoinETF launched in Canada last month on the Toronto Stock Exchange.
- "Hitting this milestone so quickly proves that investors are seeking convenient, safe access to cryptocurrencies," Purpose Investments CEO Som Seif said.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Just one month after launch, the first ever bitcoin ETF has hit the $1 billion mark in assets under management.
The Purpose Bitcoin ETF was approved in Canada and launched by Purpose Investments in mid-February on the Toronto Stock Exchange. Since the launch of the fund, bitcoin surged to record highs of more than $61,000 and trades at $59,000 as of Friday afternoon.
"Hitting this milestone so quickly proves that investors are seeking convenient, safe access to cryptocurrencies," Purpose Investments CEO Som Seif said.
Purpose is already reaping the rewards of being first to market with its bitcoin ETF. A second bitcoin ETF that launched in Canada just one day after Purpose has $85 million in assets under management as of Thursday's close.
The fund's management fee of 1.00% is set to generate at least $10 million in annual revenue if fund assets remain above $1 billion. That's less than half the cost of the popular Grayscale Bitcoin Trust, which charges an annual fee of 2.00% and is now the largest public holder of bitcoin.
The race to launch a bitcoin ETF in the US has been on for years, but the SEC has denied applications from investment firms. The SEC
- A 29-year-old woman found a mark on her head and was diagnosed with a fungal infection. It turned out to be invasive skin cancer.
- Elon Musk told his 76-year-old dad Errol to 'keep quiet' in a text message after he said he wasn't proud of his son, report says
- JPMorgan CEO Jamie Dimon told wealthy clients there's a chance the US is heading into 'something worse' than a recession, report says
- Nepotism and termite-like corruption dented India : Modi
- Modi lists five pledges to turn India into a developed country in 25 years
- There will be a major shift in the way Indians shop and consume brands
- Modi remembers Nehru and Sarvarkar in his speech today
- Made-in-India gun used for 1st time for ceremonial salute at Red Fort on Independence Day