Bitcoin ETF hits $1 billion AUM

Purpose Bitcoin ETF, the first-ever launched bitcoin (BTC-USD) exchange traded fund, has just crossed the $1b assets under management threshold. The ETF was created to help bring cryptocurrency to the mainstream.CEO of Purpose Investments, Som Seif, stated, “When we launched Purpose Bitcoin ETF, we knew we were filling a void in the market. Hitting this milestone so quickly proves that investors are seeking convenient, safe access to cryptocurrencies and shows their confidence in our ETF as the premier vehicle for that exposure.” Bitcoin, which has been on a tear this year, is currently trading just over $59,000 and is up over 100% YTD. See below a chart of bitcoin’s performance against the S&P 500 over a one-year period.The Canadian exchange traded fund was the first launched bitcoin ETF, and it’s the only ETF that invests in and holds 100% physically settled Bitcoin. Purpose Investments has inspired other organizations to file for bitcoin-based ETFs and