The Bitcoin Exchange Traded Fund (ETF) listed on Toronto’s stock exchange has crossed one billion Canadian dollars and is close to crossing that milestone in USD too with it currently having $813 million in bitcoin under management.
The fund launched just this summer with $10 million. Since then it has grown considerably, now handling that $10 million in just a day’s trading volumes.
“Every single day, we’re getting calls from the biggest institutions in Canada on how they can get bitcoin in their portfolio,” says Fred Pye, president and CEO at 3iQ, manager of the bitcoin fund (QBTC.U).
They launched an ethereum ETF as well in a world first this December, raising $75 million.
In just weeks, this has now risen to $162 million in assets under management, indicating considerable demand for bitcoin and eth.
These two remain the world’s only crypto ETFs as far as we are aware, although the CI Galaxy Bitcoin Fund started trading in Toronto as well in late December.
In Europe there are numerous Exchange Traded Notes (ETNs) with BTCetc rising as a leading provider with close to half a billion bitcoin now stokenized by the ETC Group.
They have an interesting setup where you can redeem the stock back to bitcoin, making ETC movements ones to watch.
This significant new infrastructure is just months old, but in contrast to the dynamism in Europe and Canada, America has kind of frozen where this aspect is concerned.
Their only way to get just into bitcoin in a stock form is through GrayScale, the same as it was some seven years ago.
Now however they’re getting a new SEC chair who appears to be a believer in Nakamoto’s invention and thinks it can act as a catalyst for change, therefore may well conclude that it is time a bitcoin ETF launches in the United States.