The world's first bitcoin exchange traded fund is off to a hot start. The Purpose Investments bitcoin ETF now has more than $590 million in assets under management after launching just one week ago.
The ETF was the first physically settled Bitcoin ETF to win approval and began trading in Canada on Thursday. It now gives investors a more direct way to invest in bitcoin relative to other closed-end funds like the popular Grayscale Bitcoin Trust (GBTC) and a less direct way than outright owning bitcoin through an individual wallet.
Purpose Investments Chief Investment Officer Greg Taylor told Yahoo Finance that the inflows are proof of pent-up demand among investors looking for a more familiar way to gain exposure to cryptocurrencies.
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