Purpose Bitcoin ETF Now Has About $500 Million Assets Under Management

Bitcoin Exchange-Traded Funds, also known as Bitcoin ETFs, have become more prevalent in the cryptocurrency space, as they are becoming more preferred to the regular crypto exchanges. The investment funds cannot work typically without crypto exchanges, as they are expected to track the price of Bitcoin and help potential investors invest in Bitcoin. However, in a recent article by Glassnode, Purpose Bitcoin ETF, the first Bitcoin ETF in the world, now boasts of about 11,320 Bitcoins under its assets, estimated to be about $560 million today’s prices.

Purpose Bitcoin ETF will hit $1 billion AUM in no time

The Bitcoin ETF, which launched barely a week ago in Toronto, Canada, has been a subject of discussion in the cryptocurrency space, as many are surprised with the success of the Bitcoin ETF. Purpose Investments, the parent company that launched the Bitcoin ETF, is well known in Canada as a successful investment firm providing several financially tailored services like financial advisory and investment funds to many individuals.

However, the success recorded by the firm’s Bitcoin ETF did not come as a shock to many who had expected such performance from the Asset manager’s portfolio. The early success of the Bitcoin ETF further shows that the demand for Bitcoin from potential investors is currently at a high.

Unlike regular crypto exchanges, investors purchasing cryptocurrency from the Bitcoin ETF will get some financial and investment advisory services, another advantage the Bitcoin ETF offers. The growth of the Bitcoin ETF in just six days has forced many analysts like Eric Balchuna of Bloomberg to predict that the assets under the management of Purpose Bitcoin ETF could hit the $1 billion mark before the end of another week.

Bitcoin ETFs will grow because they are relevant

The growing demand for cryptocurrencies like Bitcoin by many investors, both retail and institutional, will imply that Bitcoin ETF like Purpose will continue to be more successful in the future. The potential investors, many of which are ignorant, will also leverage on the investment advisory services and assets management services offered by Bitcoin ETFs, like Purpose, to flock the Bitcoin ETFs. The whole thing implies that Bitcoin ETFs’ services will continue to be relevant, as investors know that they do not have to physically go through the hurdle of managing their digital assets on their own, a task which will be well monitored and executed by many Bitcoin ETFs like Purpose.

In the case of Purpose Bitcoin ETF, the investors do not have to worry about losing their assets, as the risk solely falls on the Asset managers after the investor has been charged a fee for a management fee. The growth of the cryptocurrency space also falls partially in the hands of many Bitcoin ETFs, who are now expected to help the majority of inexperienced investors manage digital assets and contribute to the overall growth of the $2 trillion cryptocurrency market.

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