Bloomberg analyst: Canadian Bitcoin ETF's assets under management are expected to reach $1 billion on Friday

North America’s first Bitcoin exchange-traded fund has only been trading for two days, and volume has already exceeded $400 million, and is expected to go higher.

According to a tweet from Bloomberg analyst Eric Balchunas, the recently launched Bitcoin ETF by Canadian firm Purpose Investments could reach $1 billion in assets under management by Feb. 26. His prediction came before Purpose reported that its Bitcoin ETF had traded $421.8 million from its debut on the Toronto Stock Exchange (TSX) on Feb. 18 to Friday’s close. The Purpose Bitcoin ETF is listed under the ticker BTCC.

Balchunas compared the Purpose Bitcoin Fund’s first-day performance to other ETFs currently trading on the Toronto Stock Exchange. The JPMorgan BetaBuilders Canada ETF, with total assets exceeding $4.6 billion, is one of the largest ETFs in Canada. The Bloomberg analyst said he “wouldn’t be surprised” if the Purpose Bitcoin ETF outperformed all other Canadian ETFs within two months, “unless there’s a major sell-off.”

Purpose ETF is not the only Bitcoin exchange-traded fund in North America that is sharing the wealth. Last week, Evolve Funds Group received approval from the Ontario Securities Commission to launch its own Bitcoin ETF, which began trading last Friday under the ticker EBIT. As of Friday's close, EBIT.U had traded 103,595 lots at $21.54.

While some investment managers have said the SEC under President Joe Biden may be open to approving a bitcoin ETF, U.S. regulators have yet to give them the green light. New York Digital Investment Group and Dallas-based Valkyrie Digital Assets have both filed paperwork for bitcoin ETFs since the new president took office.

As of Friday, BTCC.B had traded 9,270,111 lots at $10.55, and BTCC.U had traded 2,065,855 lots at $10.55, according to TSX data.

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