North America’s first bitcoin ETF captures flurry of trading on debut

SourceFinancial Times
SectorFinancial Markets
CountryMiddle east

North America’s first bitcoin exchange-traded fund attracted a jolt of trading volume as it made its debut on Thursday in Canada, marking the latest sign of the frenzy in cryptocurrencies. Almost 7m shares in the Purpose Investments bitcoin ETF changed hands by midday in Toronto, according to data from exchange operator TMX Group tracking the Canadian dollar version of the fund. The early flurry of trades placed the Purpose Investments ETF on the list of top-five most actively traded securities on the Toronto Stock Exchange. It highlights how the cryptocurrency boom has shown little signs of abating as bitcoin has reached a high of about $50,000. The Bitcoin ETF from Canadian fund manager Purpose Investments provides investors with exposure to bitcoin without needing to hold the digital tokens themselves. The fund stores the cryptocurrency offline with Gemini Trust Company, the US crypto venture founded by the Winklevoss twins.  Bitcoin has attracted increased interest from some mainstream investors this year after a deluge of stimulus...read more...