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Purpose Bitcoin ETF reaches at all time high, sets new record with 31% gains in holdings

Despite a dip in Bitcoin's price, Purpose, a Bitcoin ETF based in Canada, remains in high demand.

The holdings of the Purpose Bitcoin ETF (BTCC), based in Canada, are at an all-time high. The Purpose Bitcoin ETF (Exchange-trading Fund), the world’s first spot-set Bitcoin ETF, presently holds about 32,329 Bitcoins. According to a report, the assets of the Purpose Bitcoin ETF are presently valued at more than $1.3 billion. 

According to “On-Chain College,” a market expert, the ETF has added around 7,700 BTC since November. This is a 31% gain over the same time period. The new milestone comes after the ETF recently had one of its largest single-day inflows. The Purpose Bitcoin ETF gained almost 1750 BTC in two days earlier this month. Over $64 million was invested at the time, indicating investors’ optimism in the middle of a market decline.

Som Seif, the founder and CEO of Purpose Investments, stated in a news release that the ETF has aspirations of world dominance. Seif added that the company is dedicated to becoming the driving force in the crypto field and leading the next generation of asset management, wealth management, and SMB banking by working at the convergence of finance and technology.

Spot-settled Bitcoin products have been embraced in countries such as Canada, Switzerland, Germany, and Brazil. However, the US Securities and Exchange Commission (SEC) has steadfastly refused to allow spot settled Bitcoin ETFs to trade in the US. The commission has requested public input on the saga.

Grayscale has taken advantage of the situation and launched a campaign to encourage the public to comment on the SEC stand. Grayscale plans to convert its Grayscale Bitcoin Fund (GBTC) to an ETF, making it the world’s largest Bitcoin fund with over $25 billion in AUM.

 

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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