The world’s first bitcoin exchange traded fund is off to a hot start. The Purpose Investments bitcoin ETF now has more than $590 million in assets under management after launching just one week ago.

The ETF was the first physically settled Bitcoin ETF to win approval and began trading in Canada on Thursday. It now gives investors a more direct way to invest in bitcoin relative to other closed-end funds like the popular Grayscale Bitcoin Trust (GBTC) and a less direct way than outright owning bitcoin through an individual wallet.

Purpose Investments Chief Investment Officer Greg Taylor told Yahoo Finance that the inflows are proof of pent-up demand among investors looking for a more familiar way to gain exposure to cryptocurrencies.

“A lot of people have wanted to get exposure to bitcoin but they haven’t really wanted to go through the hoops of opening up their own accounts or their own wallet to do so or trading some of the other closed-end funds,” he said. “Having the ETF option I think has always been the holy grail out there and we’re happy to have it trading and we’re seeing some of the results of that pent-up demand.”

The Purpose Bitcoin ETF (BTTC) carries a management fee of 1%. Its competitor and second ETF to gain approval, the Evolve bitcoin ETF (EBIT) cut its management fee to 0.75% on Wednesday. Both differ from closed-end trusts in that they directly purchase bitcoin
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