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

Prashant Jha Bitcoin News published March 11, 2021 | modified March 11, 2021

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

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.

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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Prashant Jha 451 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
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