3iQ & Coinshares Bitcoin ETF starts trading on the Toronto Stock Exchange
April 20, 2021
April 20, 2021
The Bitcoin-based exchange-traded fund launched by Canadian mutual fund 3iQ in partnership with Coinshares has gone live. In a media release, 3iQ announced that the 3iQ Coinshares Bitcoin ETF has started trading on the TSE (Toronto Stock Exchange).
The fund’s shares are denominated in US dollars and trade under the ticker “BTCQ.U”, and Canadian dollars represented by the ticker “BTCQ.” Initially, the unit traded at $ 11.89 below the BTCQ ticker before falling to $ 11.51 and rebounding. The US dollar denominated Bitcoin ETF started trading at $ 9.39 and ended the day with a gain of 0.4%.
The fund manager stated that the ETF is designed to provide investors with exposure to Bitcoin (BTC) based on fluctuations in the price of Bitcoin and an opportunity for long-term appreciation in value. The Bitcoin ETF’s management fees are 1%, but 3iQ stated that it would pay all other fees above 0.25%.
Canada appears to have made headway in adopting cryptocurrency ETFs in North America, considering the U.S. Securities and Exchange Commission reluctant to endorse a similar fund in the country, although crypto enthusiasts are hoping that crypto-friendly Gary Gensler recently released the Appointment as SEC chairman changes the scenario. 3iQ, the company responsible for launching Canada’s leading Bitcoin fund, filed the required documents for the Bitcoin ETF in early April.
Together with Coinshare and the 3iQ fund, Canadian regulators have supported several crypto ETFs. A week earlier, they granted approval for Ether (ETH) -based ETFs offered by Purpose Investments, Evolve Funds Group and CI Global Asset Management to begin trading on domestic exchanges. Both Evolve and Purpose had previously launched Bitcoin ETFs that attracted around $ 1.30 billion and $ 100 million worth of AUM (assets under management), respectively.
Canada’s leading Bitcoin fund, launched by 3iQ in April 2020, has grown to be worth over $ 1 billion. Together with Coinshares and 3iQ, they manage $ 7 billion in assets.