![Global assets in spot bitcoin ETFs hit $4.16 billion](https://photo-cdn.urdupoint.com/media/2023/11/_2/740x404/pic_1699104606_0959f.jpg)
Global Assets In Spot Bitcoin ETFs Hit $4.16 Billion
Sumaira FH Published November 04, 2023 | 06:30 PM
![Global assets in spot bitcoin ETFs hit $4.16 billion](https://photo-cdn.urdupoint.com/media/2023/11/_2/740x404/pic_1699104606_0959f.jpg)
LONDON, (UrduPoint / Pakistan Point News / WAM - 04th Nov, 2023) Global assets invested in exchange-traded funds (ETFs) tied to the spot price of bitcoin now total US$4.16 billion, showed data by CoinGecko, a cryptocurrency data and analysis company.
Reuters reported that nearly half of that sum, or $2 billion, is invested in the seven spot bitcoin ETFs that have been launched in Canada since 2021. Canada also is home to the single largest of the 20 ETFs, the Purpose Bitcoin ETF, which has $819.1 million in assets.
To date, U.S. regulators have given the nod only to ETFs tied to futures contracts, such as ProShares Bitcoin Strategy, which has about $1.2 billion in assets. The United States Securities and Exchange Commission (SEC) currently is considering as many as 10 applications to launch similar spot-based ETFs in the U.S.
Proponents say that futures-based ETFs are an imprecise and costlier way to track bitcoin's performance in an exchange-traded product.
The SEC has so far denied all spot bitcoin ETF applications, saying applicants have not shown they can protect investors from market manipulation.
Other regulatory regimes have been more receptive, CoinGecko reports. The first out the door was Germany's ETC Group Physical Bitcoin (BTCE.DE) in June 2020. That ETF now has $802 million in assets, making it the second-largest to be launched so far.
Europe's seven other ETFs are incorporated in tax havens like Jersey, the Cayman Islands and Liechtenstein. There are also much smaller products traded in Brazil and Australia.
"It remains to be seen if the potential US spot Bitcoin ETFs will be able to capture stronger investor interest and overtake" the Canadian and German ETFs, Coin Gecko said.
There's fierce debate about the potential size of the U.S. spot bitcoin ETF market, with estimates starting at $1 billion or more in first-day demand.
Related Topics
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
6 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
9 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
9 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
9 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
9 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
9 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
9 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
9 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
9 months ago -
SIBF turns spotlight on remarkable contributions of women
9 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
9 months ago -
MoHRE launches guidebooks for private sector, Emirati professionals to raise awareness on Emiratisat ..
9 months ago