There are now many activities to signal that institutional investors are increasingly craving for the most valuable cryptocurrency, Bitcoin (BTC), and products tied around it. Aside from the new BTC futures record on CME, these investors are also demonstrating a high interest in Bitcoin funds.
Massive sale for a public bitcoin fund
Following a tweet on Friday, the director of Digital Asset Strategy at VanEck, Gabor Gurbacs, disclosed a massive sale of the first Bitcoin fund to be available on one of the leading stock exchanges, which are based in Canada.
Precisely on the Toronto stock exchange, the recently-listed public Bitcoin fund was sold up to 163,716 shares in a day, which occurred on the 23rd of April. This is coming after the Bitcoin products were listed on the stock exchange two weeks ago.
The public Bitcoin fund was launched by 3iQ, the first investment fund management company in Canada, which is compliant with regulations of the country’s securities authorities. On the first day, the public bitcoin funds were sold at about $11 per share.
Meanwhile, the Canadian fund manager appointed Gemini, a digital currency exchange and custodian to manage the bitcoin funds. One of the founders, Tyler Winklevoss, confirmed the appointment in a tweet on the 9th of April.
Bitcoin makes new friends
Gurbacs said in a tweet that he is happy with the outcome of things. Bitcoin critics had claimed that Bitcoin is not a thing for Institutional traders. However, the recent development stands out as another evidence to prove that the deep-pocketed Investors are highly interested in BTC and its products.
In reiteration to Mike Novogratz’s statement earlier today, it’s evident that Bitcoin’s upcoming halving is going as predicted. Mainly, its current price actions are attracting new friends for the largest cryptocurrency. Apparently, among these new friends include institutional investors.
At the time of writing, Bitcoin is trading at the price of $7,542, according to the information on Coinmarketcap. It now has a total market capitalization above $138 billion.