Canada-based investment fund manager 3iQ’s Bitcoin exchange-traded fund created in partnership with Coinshares is now available for trading.
In an announcement from 3iQ today, trading for the 3iQ Coinshares Bitcoin Exchange Traded Fund, or ETF, begins today on the Toronto Stock Exchange. The fund’s shares trade in US dollars under the ticker “BTCQ.U” and Canadian dollars under the ticker “BTCQ.” Trading started at $ 11.89 for BTCQ before dropping to $ 11.51 and recovering, while the units of the Bitcoin ETF opened in US dollars at $ 9.39 and have risen 0.4% since publication. has.
The investment fund manager said the ETF was aimed at giving investors exposure to Bitcoin (BTC), based on the movements of the value of the cryptocurrency in dollars, and the opportunity for long-term capital appreciation. The Bitcoin ETF’s management cost is 1%, but 3iQ said it would take up any other expenses of more than 0.25%.
Canada has apparently taken the lead in launching crypto-ETFs in North America, given the US Securities and Exchange Commission, or SECs, reluctance to approve local funds – although very hopeful, given Gary Gensler’s pro-crypto recent confirmation as SEC chairman. 3iQ was behind the launch of Canada’s first Bitcoin fund and submitted the final prospectus for the Bitcoin ETF earlier this month.
Regulators in Canada, which include 3iQs and Coinshare’s fund, have approved several crypto-ETFs. Last week, they gave the green light for ETFs (ETH) of Purpose Investments, Evolve Funds Group and CI Global Asset Management to start trading on local exchanges. Both Purpose and Evolve have previously launched Bitcoin ETFs, attracting approximately $ 1.3 billion and $ 100 million in assets under management, respectively.
Canada’s first Bitcoin fund, launched by 3iQ in April 2020, has grown to more than $ 1 billion. Together, Coinshares and 3iQ have $ 7 billion in assets under management.