The buzz around Bitcoin Exchange-Traded Fund has been high lately, following the news about two newly registered Bitcoin ETFs – Purpose ETF and Evolve ETF in Canada last week.

A bitcoin exchange-traded fund allows traders to buy and sell Bitcoin through traditional stock markets without going through cryptocurrency exchanges. Traders get paid in fiat currency or Bitcoin.

The Ontario Securities Commission approved the first Bitcoin ETF in the world, Purpose Bitcoin EFT. This approval allows Purpose Investment to give traders a platform to trade Bitcoin on the Toronto Stock Exchange using futures contracts and providing a platform for them to purchase some closed-end investment funds like the Bitcoin fund.

According to a statement by Purpose Investment, “ETF will be the first in the world to invest directly in physical settled Bitcoin, not derivatives, allowing investors easy and efficient access to the emerging asset class of cryptocurrency.”

Within 2 days of launch, Purpose ETF registered $421.8 million in assets after trading $80 million worth of shares in its first hour of launch and $165 million within 24 hours the same day.

Before the frenzy around the launch of the first BTC ETF subsided, the Canadian government poured more petrol into the fire by approving the second Bitcoin ETF EBIT by Evolve.

Just like Purpose, Evolve’s Bitcoin ETF is trading on the Toronto stock exchange and providing an opportunity for investors to own BTC in wallets. 

Evolve’s EBIT is currently selling at $27.17 with a $12.3 million AUM. Evolve is working with Gemini Trust it’s sub-custodian that is holding Bitcoin for EBIT. 

The current price of bitcoin is $53,215.10, climbing up by 7.42% in the last 24 hours. Bitcoin has a current market cap of $991.66B and market volume of $67.42B. In the last 24 hours, bitcoin has dropped to $52,064.29 and experienced a $58,332.36 high.  Currently, 18,635,693.75 bitcoins are in circulation.

Stats and Image from Coin Desk

One factor responsible for the progressive moves Bitcoin is making across the globe and recently in Canada is the adoption of Bitcoin by institutions spearheaded by MicroStrategy and reaffirmed by Tesla.

In a tweet by Bloomberg ETF reporter Eric Balchunas said ‘the Canada Bitcoin ETF was the most traded ETF in the country on its FIRST DAY.’

He shared a chat showing Purpose ETF, BTCC seating in the first place, while Evolve’s ETF EBIT was at the 18th position.

The President and CEO of Evolve said ‘Bitcoin has proven to be a store of value that is uncorrelated to other major asset classes – and has now emerged as an asset class itself.

The successful approval and launch of Purpose and Evolve Bitcoin ETFs have boosted the morale of more companies who are now shooting their shots at the Canadian government by submitting applications for Bitcoin ETFs.

CI Financials has hopped on the ETF bandwagon by filing a preliminary prospectus for the Bitcoin ETF market. It will become the third Bitcoin ETF if the Canadian government gives it a go-ahead.

Crypto enthusiasts are optimistic that the U.S will take a cue from Canada and start approving Bitcoin applications.

The U.S. Securities Exchange Commission has refused to approve many applications for Bitcoin EFTs in the past few years.