Canada-based renowned investment fund manager 3iQ’s Bitcoin exchange-traded fund created in collaboration with Coinshares is now available for trading.
Within an official announcement from 3iQ today, trading for the 3iQ Coinshares Bitcoin ETF, began on the Toronto stock market today. The fund’s units are trading in USD beneath the ticker “BTCQ.U” and Canadian dollars under the ticker “BTCQ.” Trading opened at $11.89 USD for BTCQ before dipping to $11.51 USD and recovering, while units of the Bitcoin ETF in United States dollars opened at $9.39 USD and have since risen 0.4% at the time of reporting.
The investment fund manager revealed that the ETF was aimed towards offering investors exposure to Bitcoin [BTC] supporting the movements of the cryptocurrency’s value in dollars, and therefore the opportunity for long-term capital appreciation. The Bitcoin ETF’s management fee is 1 percent, but 3iQ outlined that it might absorb the other expenses in more than 0.25%.
Canada has seemingly taken the lead on launching cryptocurrency ETFs in North America given the United States SEC [Securities and Exchange Commission], reticence in approving local funds – though many are hopeful given pro-crypto Gary Gensler’s recent confirmation as SEC chair. 3iQ was behind the launch of Canada’s first Bitcoin fund and filed the ultimate prospectus for the Bitcoin ETF earlier this month.
Including 3iQ’s as well as Coinshare’s fund, regulators in Canada have approved several cryptocurrency ETFs. Earlier last week, they gave the green light for Ethereum [ETH] ETFs from Purpose Investments, Evolve Funds Group, and CI Global Asset Management to start trading on native cryptocurrency exchanges. Both Purpose and Evolve had previously launched Bitcoin ETFs, attracting roughly $1.3 Bln and $100 Mln in assets under management, respectively.
Canada’s primarily Bitcoin fund, launched by 3iQ earlier in April last year, has grown to over $1 Bln. Together, Coinshares as well as 3iQ have $7 Bln in assets under management