The first Bitcoin ETF in North America, TSX’s Purpose Bitcoin ETF, had a gangbuster debut today, trading nearly $100 million in volume. A Bloomberg Law report noted that the ETF saw over $80 million in volume in the first hour of trading, though it’s since slowed significantly with roughly another $15 million in volume between BCTCC.B, the Canadian dollar-denominated units, and BTCC.U, the American dollar-denominated ticker. As of publication, BTCC.B has traded 7,905,000 units priced at $10.28, and BTCC.U 1,312,000 units at $10.27, per the TSX. In a press release today, ETF provider Purpose Investments founder and CEO Som Seif …

Ark Investment Management founder and CEO Cathie Wood said the likelihood that U.S. regulators will approve a Bitcoin exchange-traded fund has gone up under the Biden administration. In an interview with CNBC’s Bob Pisani today, Wood said there were two signs that the Securities and Exchange Commission might be more open to greenlighting a Bitcoin (BTC) exchange-traded fund, or ETF. Under previous administrations, the regulatory body did not approve any Bitcoin ETFs, to the industry’s chagrin. Specifically, the Ark Invest CEO said she was encouraged by Joe Biden’s pick for SEC chair, Gary Gensler. Gensler is known as someone who …

North America’s second Bitcoin (BTC) exchange-traded fund received regulatory approval on Tuesday, offering another potential entry point for institutional investors to access digital assets. Less than three weeks after filing a preliminary prospectus for a Bitcoin ETF, Evolve Funds Group Inc announced Tuesday that its fund has been approved by the Ontario Securities Commission, or OSC. The ETF has two ticker symbols: EBIT for Canadian-denominated units and EBIT.U for U.S.-denominated units. EBIT is said to provide "unhedged exposure to the daily price movement" of Bitcoin in Canadian dollars, whereas EBIT.U provides exposure to the daily price movements in U.S. dollars. …

New York Digital Investment Group, or NYDIG, has submitted paperwork with the United States Securities and Exchange Commission to launch a new Bitcoin (BTC) exchange-traded fund. NYDIG filed a Form S-1 registration statement for a Bitcoin ETF with the SEC on Tuesday. The submission lists NYDIG Trust Company LLC as the fund’s Bitcoin custodian and Morgan Stanley as an authorized participant. As an authorized participant, Morgan Stanley is expected to sell shares to the public at prices that reflect the fund’s assets, supply and demand, and underlying market conditions. The shares will trade on the NYSE Arca exchange under a …

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor's note A wise man once said, "there's security and there're securities," and if he didn't, he should've. In modern English, it seems a quaint coincidence that the word "security" refers to both safety and a broad class of investments. But as pending arguments about, say, meme-propelled trading in securities are set to take place in forums reserved for national security, it's a good reminder that money precedes weapons as vehicles for national power. In some sense, it's obvious that financial …

The Australian Securities and Investments Commission has clarified its position regarding Bitcoin (BTC)-linked exchange-traded funds. According to a Feb. 12 report by the Australian Financial Review, the commission addressed the subject after previously rejecting a Bitcoin ETF initiative by local company Cosmos Capital. Per the report, Cosmos CEO James Manning claimed that ASIC “have a policy — which they have not released — which says they do not want an exchange traded product, an MIS, listed on an exchange.” However, ASIC commissioner Cathie Armour told the Senate select committee on financial technology Friday that a Bitcoin ETF is possible, so …

A Bitcoin exchange traded fund for investment firm Purpose Investments has been approved in Canada after the Ontario Securities Commission gave the green light for the institutional fund. The Purpose Bitcoin ETF is reportedly the first in the world to be physically settled using BTC, the firm stated clarified; “The ETF will be the first in the world to invest directly in physically settled Bitcoin, not derivatives, allowing investors easy and efficient access to the emerging asset class of cryptocurrency,” An ETF style product from 3iQ was approved by Canadian regulators last year and listed on the Toronto Stock Exchange, …

Litecoin (LTC) might be 60% below its December 2017 all-time high at $420, but that hasn't stopped its futures contracts open interest from reaching a record $584 million. This makes LTC the seventh-largest cryptocurrency by market capitalization and it ranks third in derivatives, behind Bitcoin (BTC) and Ether (ETH). As shown above, LTC futures aggregate open interest increased by 285% over the past three months. One should keep in mind that such an event is not necessarily positive since futures contracts require both a buyer (long) and a seller (short). Nevertheless, this increasing interest allows even more substantial players to …

Bitwise, one of the world’s largest cryptocurrency fund managers, has filed a new prospectus with the United States Securities and Exchange Commission, or SEC, to launch an exchange-traded fund for so-called “crypto innovators.” The fund manager filed Form N-1A with the securities regulator on Feb. 5, where it outlined its intent to offer the Bitwise Crypto Innovators ETF. The proposed ETF will track the performance of the Bitwise Crypto Innovators Index. The proposed Index will be comprised primarily of companies that derive more than 75% of their revenue from the crypto sector or that have more than 75% of their …

Another Canadian company has filed an application for a Bitcoin (BTC) exchange-traded fund, or ETF, amid a renewed interest in crypto ETFs from global financial firms. Accelerate Financial Technologies has filed and obtained a receipt for a preliminary prospectus with Canadian securities regulators for the Accelerate Bitcoin ETF (ABTC). Announcing the news on Feb. 3, Accelerate Financial said that ABTC will offer units denominated in both United States and Canadian dollars. The company has applied to list ABTC units on the Toronto Stock Exchange, with listing being subject to the exchange's requirements. “The TSX has not conditionally approved ABTC's listing …

David Puell, an on-chain analyst and the creator of the Puell Multiple, believes two things could cause Bitcoin (BTC) to see a temporary top this cycle. The analyst pinpointed the U.S. government potentially taxing unrealized gains and the possible approval of a Bitcoin exchange-traded fund (ETF) could cause BTC’s momentum to slow down. Why would an ETF have a negative impact on the short-term Bitcoin price cycle? The potential impact of the U.S. government imposing taxes on unrealized gains on the price of Bitcoin is quite clear. At the end of each taxation cycle, Bitcoin could see a heightened level …

In a move that may give seasoned investors flashbacks to 2018, Valkyrie Digital Assets is the latest asset management firm to file a registration with the SEC to form a Bitcoin ETF — a bid that joins a crowded field of prospective fund managers looking to capitalize on renewed retail interest in cryptocurrencies. Filed on Friday, the Texas-based family investment fund proposed listing the Valkyrie Bitcoin Trust on the New York Stock Exchange. The application did not include a possible trading ticker. If history is any indication, however, the filing’s chances of leading to a tradable fund are slim. During …