3iQ’s Bitcoin exchange-traded fund (ETF) is now available for trading, as it has partnered with Coinshares, trading for the 3iQ Coinshares ETF began on the Toronto Stock Exchange from April 19 (Monday).
It has been reported that the fund’s units are trading in US dollars under the ticker “BTCQ.U” and Canadian dollars under the ticker “BTCQ.”
However, trading opened at $11.89 for BTCQ before dipping to $11.51 and recovering, while units of the Bitcoin ETF in US dollars opened at $9.39 and have since risen 0.4% as of Monday.
The report said that the investment fund manager said the ETF was aimed at providing investors exposure to Bitcoin (BTC) based on the movements of the cryptocurrency’s value in dollars, and the opportunity for long-term capital appreciation. The Bitcoin ETF’s management fee is 1%, but 3iQ said it would absorb any other expenses in excess of 0.25%.
Likewise, Canada has seemingly taken the lead on launching crypto ETFs in North America given the US Securities and Exchange Commission’s (SEC’s) reticence in approving local funds, though many are hopeful given pro-crypto Gary Gensler’s recent confirmation as SEC chair.
Canada seems to be leading the way on crypto ETFs. When do you think regulators in the US will approve one? https://t.co/pc5ayuDi7I — Cointelegraph (@Cointelegraph) April 19, 2021
3iQ was behind the launch of Canada’s first Bitcoin fund and filed the final prospectus for the Bitcoin ETF earlier this month.
Including 3iQ’s and Coinshare’s fund, regulators in Canada have approved several crypto ETFs. Last week, they gave the green light for Ether (ETH) ETFs from Purpose Investments, Evolve Funds Group, and CI Global Asset Management to begin trading on local exchanges.
Both Purpose and Evolve had previously launched Bitcoin ETFs, attracting around $1.3 billion and $100 million in assets under management.
Thus, 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.
Source: Cointelegraph | Image: Market Watch