Rapid Inflow of Funds into World's First Bitcoin ETF Listed on Canadian Stock Exchange
Fidelity, World's Largest Asset Manager, Plans Bitcoin ETF Listing on US Stock Market
Also Launches Own Bitcoin Index... "Expectations Higher Than Ever"
[Asia Economy Reporter Minwoo Lee] Funds are rapidly flowing into Bitcoin exchange-traded funds (ETFs) launched in Canada. With a U.S. stock market listing imminent, analysts suggest that the market size could grow quickly in the future.
According to overseas asset management firm Purpose Investments on the 28th, the net asset value (AUM) of the Bitcoin ETF they listed on the Toronto Stock Exchange (TSE) on the 18th of last month had already exceeded $1 billion (approximately 1.1315 trillion KRW) as of the 19th. This product, named 'Purpose Bitcoin ETF (BTCC),' has recorded an average daily trading volume of $530 million since its launch. This growth rate in AUM matches that of the 'SPDR Gold Trust (GLD),' which surpassed $1 billion in assets under management just three days after its launch. The 'Evolve Bitcoin ETF (EBIT),' launched one day after BTCC, has also attracted attention by surpassing $40 million in assets under management within five trading days of its listing.
Bitcoin-related products are also gaining popularity in Europe. Unlike the U.S. Securities and Exchange Commission (SEC), which has not approved Bitcoin ETFs due to concerns about manipulation and investor protection, Europe has already listed cryptocurrency-related exchange-traded products (ETPs) since 2015. Representative examples traded on the Stockholm Stock Exchange in Sweden include 'Bitcoin Tracker One (COINXBT)' and 'Bitcoin Tracker Euro (COINXBE).'
This trend has reignited expectations for Bitcoin ETF listings in the U.S. Previously, in 2013, an open-ended fund called 'Grayscale Bitcoin Trust (GBTC)' was traded in the U.S. over-the-counter (OTC) market, but it failed to gain significant popularity due to issues such as high fees and premium discounts. As Bitcoin ETFs that address these problems achieve growth on the Canadian stock market, anticipation for a New York Stock Exchange listing has increased.
In fact, efforts to list Bitcoin ETFs on the U.S. stock market are more active than ever. VanEck, an asset management firm that listed the Bitcoin exchange-traded note (ETN) 'VanEck Vector Bitcoin (VBTC)' on the German stock exchange last November, submitted a listing application to the SEC on the 15th. According to regulations, the SEC must announce its approval decision by the 29th of next month. Fidelity, the world's largest asset management company, also submitted preliminary registration documents for a Bitcoin ETF named 'Wise Origin Bitcoin Trust' to the SEC on the 24th. Fidelity has also developed its own 'Fidelity Bitcoin Index' that tracks Bitcoin prices. Seungyeon Song, a researcher at Korea Investment & Securities, commented, "It is still too early to draw conclusions, but market expectations are higher than ever, making this a development worth watching."
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