The Purpose Investments Bitcoin Exchange Traded Fund (ETF) has reached $624 million in value in a matter of only nine days.

The ETF notably passed the $400 million AUM mark just two days after its launch on Feb. 18.

The fund has currently amassed 10,064 BTC. It trades under the tickers “BTCC.B” and “BTCC.U.” The former is the Canadian dollar-denominated fund and the latter is the U.S. dollar-denominated ETF.

Purpose’s Bitcoin ETF is the first in the world to be backed by physically settled BTC. The ETF is registered in Canada and trades on the Toronto Stock Exchange.

Purpose Investments will be the manager of the ETF with the Ether Capital Corporation acting as a special consultant. Ether Capital is a platform that allows public market investors to gain exposure to Ethereum and the Web 3 ecosystem.

Just the day before the launch of Purpose’s Bitcoin ETF fund on Feb. 18, Canadian financial regulator the Ontario Securities Commission (OSC) approved the second North American publicly traded ETF for Evolve.

Evolve’s Bitcoin ETF also trades on the Toronto stock exchange under the ticker “EBIT” and “EBIT.U”. It currently only has $38.24 million worth of BTC under AUM, which is dwarfed in comparison to Purpose’s AUM of $624 million.

To encroach on Purpose’s market share in the Bitcoin ETF market, Evolve started a price war. It did this by lowering the price of its EBIT Bitcoin ETF from 1% to 0.75%. This makes Evolve’s ETF cheaper than the 1 % expense ratio of the Purpose BTC ETF (BTCC).

As reported by Washington Post, a Bitcoin ETF in the United States could be actually happening.

In fact, Valkyrie has filed with the United States Securities and Exchange Commission (SEC). If successful, this ETF would become the first BTC ETF fund registered in the United States and would be listed on CBOE’s BCX exchange.

This is not the first time a US-based firm has done so. Late last year in December, VanEck filed for a BTC ETF with the SEC for the third time.

While US regulators haven’t taken easily to the concept of a Bitcoin ETF, Canadian regulators seem quite open to the possibilities they offer. Considering this, CI Global Asset Management (CI GAM) announced that it has filed for an Ethereum ETF with the OSC. If the filing is successful, the fund would be the first Ethereum ETF.

The post World’s First Bitcoin ETF Garners $624 Million in Nine Days appeared first on BeInCrypto.

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