North America's First Bitcoin ETF Listed on Toronto Exchange... Trading Volume Explodes from Day One

[Image source= Reuters Yonhap News]

[Asia Economy Reporter Park Byung-hee] The first Bitcoin exchange-traded fund (ETF) in the North American market was listed on the Toronto Stock Exchange in Canada on the 18th (local time).

As Bitcoin recently surpassed $50,000 and has been attracting intense interest, the Bitcoin ETF also received strong attention from investors on its first day of regulated trading.

According to Bloomberg News, the trading volume of the Bitcoin ETF reached $165 million on the first day.

Yahoo Finance also reported that the Bitcoin ETF had very high trading volume, confirming strong demand for the Bitcoin ETF.

Purpose Investments, which launched the Bitcoin ETF, released two products under the name "Purpose Bitcoin ETF." One is traded in Canadian dollars, and the other is traded in U.S. dollars.

The iShares S&P/TSX 60 ETF, a representative ETF on the Toronto Stock Exchange, recorded a trading volume of 1.7 million shares that day, while the Canadian dollar-denominated Bitcoin ETF recorded an impressive 9.7 million shares. The U.S. dollar-denominated ETF also recorded a trading volume of 1.6 million shares.

Som Seif, founder and CEO of Purpose Investments, said that financial authorities likely recognized that the Bitcoin ETF is an important product for the market. He said, "Investors are already saying they want to buy the Bitcoin ETF," adding, "Regulators probably realized that it is better to bring the Bitcoin ETF within the regulated framework."

Seif also said, "Through the Purpose Bitcoin ETF, investors can invest directly in Bitcoin," and added, "The Bitcoin ETF allows investors to avoid risks such as hacking or forgetting important passwords that come with holding Bitcoin directly."

In Canada, a second Bitcoin ETF is expected to be listed soon. The Ontario Stock Exchange approved a Bitcoin ETF designed by Evolve Fund Group last week.

Many Bitcoin ETF applications have also been submitted to U.S. financial authorities. VanEck Associates and Bitwise Asset Management are among those who have filed applications.

However, Bloomberg reported that it is still uncertain whether U.S. financial authorities will approve them. Controversies remain over whether cryptocurrencies like Bitcoin should be recognized as real currency and their value acknowledged, as well as the ongoing risks of speculative trading.

This content was produced with the assistance of AI translation services.