One-month old Purpose Bitcoin ETF now holds over 12,000 bitcoins
The Canadian-based Bitcoin exchange-traded fund (ETF) accumulated over 1,000 bitcoins over the past week, and the fund now holds over 12,000 BTC. The Bitcoin ETF is fast becoming an investment option for institutional investors seeking exposure to the leading cryptocurrency.
Propose Bitcoin ETF now worth $700 million
Propose Bitcoin ETF was the first Bitcoin ETF to launch in North America. The Bitcoin ETF, which was approved by the Toronto Securities and Exchange Commission, launched on February 18. The ETF is receiving a phenomenal response, adding 1,022 bitcoins to its list over the past week.Bloqport tweeted this, saying, "The Purpose #Bitcoin ETF has added 1,022 BTC over the past 4 days. They now hold 12,467 BTC worth $690 million, physically-backed in cold storage."
Propose Group stores all the bitcoins under its physical cold storage to ensure they are safe at all times. The Propose Bitcoin ETF's rapid growth comes as institutional investors scramble to find ways to gain exposure to Bitcoin and a host of other cryptocurrencies.
The Grayscale Bitcoin Trust (GBTC) was one of the ways institutional investors invest in Bitcoin. However, the launch of Propose and Evolve Bitcoin ETFs on the Toronto Stock Exchange (TSX) gave investors additional options to gain exposure to the leading cryptocurrency.
The U.S is gearing for a Bitcoin ETF
The U.S SEC had rejected multiple Bitcoin ETF requests over the past few years. However, the pending appointment of Gary Gensler as SEC commissioner could usher in a new era for cryptocurrencies in the United States and could lead to the approval of Bitcoin ETFs.Several entities such as VanEck have already submitted proposals to list Bitcoin ETFs on the stock exchange. Grayscale could also be looking to launch a Bitcoin ETF in the U.S as its GBTC, and other trusts suffer losses following the introduction of the Canadian Bitcoin ETFs.
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