The ProShares Bitcoin ETF, launched last Tuesday, has raised $ 2.2 billion. The performance of bitcoin ETFs in the US already far exceeds those in Canada.
The launch of the second bitcoin exchange-traded fund (ETF) in the United States of America, the Valkyrie Bitcoin Strategy ETF, took place this Friday on Nasdaq, according to Eric Balchunas, principal analyst of the Bloomberg ETF.
According to the estimated dates of the SEC’s response to ETF requests, the SEC commission had established that it would announce its decision on the request introduced by Valkyrie on October 24,
However, the regulator has not announced any bitcoin ETF approval so far. Applicants have been introducing modifications to their original prospectuses, and as they did not get contested by the SEC, there is just tacit approval.
The latest modification to its Valkyrie bitcoin ETF prospectus got filed with the SEC on Wednesday the 20th. It states that the ETF shares will get traded on Nasdaq under the symbol BTFD.
Eric Balchunas later received information from Valkyrie about the modification in the symbol for trading the ETF to BTF; he pointed out that the commercialization of the second bitcoin ETF would happen on Nasdaq.
Five US bitcoin ETFs?
This Thursday, Balchunas ratifies the information and points out that five bitcoin ETFs may enter the market in a period of 10 days. Among other potentials to join this new modality of investing in bitcoin would be Valkyrie and VanEck, the Galaxy Bitcoin Strategy ETF, and Ark Bitcoin Strategy proposals.
VanEck has also announced the launch of its bitcoin ETF for Monday, October 25, a fact reported by this medium.
In contrast, North America’s first bitcoin ETF, launched on February 18 on the Toronto Stock Exchange by Purpose Investments, gathered $ 165 million on its opening day in the first two days of trading.
The bitcoin ETF (BTCC acronym), launched on the Canadian market by Purpose Investments, traded CAD 80 million in the first hour of trading and CAD 200 million (approximately USD 165 million) on the first day. According to Yahoo Finance, the figure traded on Friday the 19th was CAD 350, which gives an approximate total of USD 421 in trades in two days.
According to a tweet from Bloomberg ETF specialist Eric Balchunas, these amounts represent a record in parallel with the volumes traded for traditional ETFs, both in Canada and the US; first ETFs, and also among the first in the US.
The most vital difference between the launches in these two countries is that in Canada, bitcoin spot ETF got released or directly backed by bitcoin.
In the United States of America, the initial launches contemplated so far are ETFs based on futures contracts. This situation happens because the SEC has expressed, through the opinions of its president, Gary Gensler, more preferences for the modality of futures.
By: Jenson Nuñez
