The first bitcoin ETF crosses $1 billion in assets under management just one month after launch

• The first-ever bitcoin ETF has passed the $1 billion mark in assets under management.
• The Purpose Bitcoin ETF launched in Canada last month on the Toronto Stock Exchange.
• "Hitting this milestone so quickly proves that investors are seeking convenient, safe access to cryptocurrencies," Purpose Investments CEO Som Seif said.
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Just one month after launch, the first ever bitcoin ETF has hit the $1 billion mark in assets under management.

The Purpose Bitcoin ETF was approved in Canada and launched by Purpose Investments in mid-February on the Toronto Stock Exchange. Since the launch of the fund, bitcoin surged to record highs of more than $61,000 and trades at $59,000 as of Friday afternoon.

"Hitting this milestone so quickly proves that investors are seeking convenient, safe access to cryptocurrencies," Purpose Investments CEO Som Seif said.

Purpose is already reaping the rewards of being first to market with its bitcoin ETF. A second bitcoin ETF that launched in Canada just one day after Purpose has $85 million in assets under management as of Thursday's close.

The fund's management fee of 1.00% is set to generate at least $10 million in annual revenue if fund assets remain above $1 billion. That's less than half the cost of the popular Grayscale Bitcoin Trust, which charges an annual fee of 2.00% and is now the largest public holder of bitcoin.

The race to launch a bitcoin ETF in the US has been on for years, but the SEC has denied applications from investment firms. The SEC crypto commissioner just admitted that the agency's refusal to approve a bitcoin ETF has dug them into a "little bit of a hole."

Bitcoin ETF applications from VanEck, Wisdom Tree, and others are currently under review by the SEC and a decision could come within the next 45 days.