Target ETF, the first bitcoin (BTC) exchange-traded fund to launch in North America, has already received $1.1 billion in assets under management less than two months after launch. The two bitcoin ETFs launched in Canada shortly after Purpose’s launch reached $200 million in the same period, bringing the net worth of the Canadian bitcoin ETF to about $1.3 billion.
The bitcoin ETF target fund was launched in late February and raised about $100 million on its first day of trading. The ETF amassed more than $500 million in assets under management in its first week, as investors rushed to access bitcoin exchanges without owning the underlying asset.
Legal acceptance and the eventual launch of the Target ETF opened the floodgates for the Canadian bitcoin market, and two more ETFs were launched in the following weeks.
The success of the Target ETF is a shining example of the pioneer advantage that continues to take the lion’s share of the burgeoning ETF sector in Canada. Evolve Fund Group’s bitcoin ETF launched just two days earlier and has accumulated just $106 million in OUM, according to its website, despite charging a management fee 25% lower than the target fund.
Similarly, the CI Galaxy Bitcoin ETF launched a few days later and now has just over $90 million in Australian dollars, this time with a reduced management fee of 0.4%, reports Canada’s Globe and Mail. Yet all ETFs have recently seen their respective values rise in tandem with the meteoric rise of bitcoin, with each unit now worth more than when it was launched.
A number of US companies have filed applications for bitcoin ETFs with the US Securities and Exchange Commission. However, no funds have yet been approved in the US. Galaxy Digital, SkyBridge Capital and Fidelity have all offered ETF funding in recent months, among many others. And while the general feeling is that one (or all) of these proposals will eventually be approved, the timing is far from certain.
Some analysts believe that the first bitcoin ETF will be launched in the U.S. within a year or two, while others hope that the recent rise of bitcoin, combined with the example of other North American regulators, will speed up the process.
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