Global Assets In Spot Bitcoin ETFs Hit $4.16 Billion
Sumaira FH Published November 04, 2023 | 06:30 PM
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.
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.
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