Purpose Bitcoin ETF Accumulates 1000+ BTC in Past Week, Total BTC Holding Worth Nears $700M

Prashant Jha
March 11, 2021
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Bitcoin ETF

The first North American Bitcoin ETF launched by Purpose Group is receiving a phenomenal response as it added another 1022 BTC to its list in the past 4 days, taking its total bitcoin holding to 12467 BTC worth $690 million. Purpose Group holds all the BTC under its physical cold storage.

Purpose Bitcoin ETF launched amid growing demand for the top cryptocurrency-backed ETF in the US. The launch was considered a success after it traded over $80 million worth of Bitcoin contracts in the first hour of its launch. The Bitcoin holdings have seen a consistent rise since its launch, reaching the $500 million assets under management towards the end of February.

After the launch of Purpose Bitcoin ETF in the Toronto Stock Exchange, another Bitcoin ETF was launched at a competitive rate amid growing demand for bitcoin-backed ETF.

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The US Market Gearing up For Bitcoin ETF

The US market has been demanding a bitcoin ETF for almost two years now as the US regulators had dismissed most of the ETF applications until 2020. However, the change in administration along with the growing demand for Bitcoin from institutions could make way for a Bitcoin ETF in the US this year as well.

In absence of a regulated Bitcoin-backed exchange fund, the US institutional investors have turned to investment funds such as the Grayscale BTC trust. However, the recent internal activities of Grayscale suggests the investment fund is also looking to launch their Bitcoin ETF as it has posted 7 jobs requirements related to Bitcoin ETF.

Bitcoin market cap crossed the $1 trillion mark after breaching a new all-time-high above $58,000. Apart from that, the traditional financial giants including the likes of Black Rock, JP Morgan, and America’s oldest custody bank have gained exposure to Bitcoin in one form or the other amid growing client demand.

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.