3iQ & Coinshares’ Bitcoin ETF Starts Trading in Toronto Stock Exchange
Bitcoin based exchange-traded fund launched by the Canada based investment fund 3iQ, in collaboration with Coinshares, has gone live. Through a media release, 3iQ stated that the trading of the 3iQ Coinshares Bitcoin ETF has commenced on the TSE (Toronto Stock Exchange).
The fund’s units are denominated in the US dollars and are traded under the ticker “BTCQ.U,” and Canadian dollars, represented by the ticker “BTCQ.” At the start, the unit traded at $11.89, under the ticker BTCQ, before declining to $11.51, and rebounding. The US dollar denominated Bitcoin ETF began trading at $9.39 and ended the day with a gain of 0.4%.
The manager of the fund stated that the ETF was intended at offering investors’ exposure to Bitcoin (BTC) on the basis of fluctuations in the price of Bitcoin, and a chance for long-term gain in value. The Bitcoin ETF’s administrate charges is 1%, but 3iQ stated that it would bear any other charges above 0.25%.
Canada seems to have made ahead way in rolling out cryptocurrency ETFs in North America, considering the reluctance in endorsing a similar fund in the country by the US Securities and Exchange Commission’s (SEC), even though crypto enthusiasts are hopeful that crypto friendly Gary Gensler’s recent appointment as SEC chair will bring a change in the scenario. 3iQ, the firm responsible for the roll out of Canada’s foremost Bitcoin fund, submitted the necessary documents for the Bitcoin ETF earlier in April.
Along with Coinshare and 3iQ’s fund, Canadian regulators have endorsed multiple crypto ETFs. A week before, they issued approval for Ether (ETH) based ETFs offered by Purpose Investments, Evolve Funds Group, and CI Global Asset Management to start trading on domestic exchanges. Both Evolve and Purpose had earlier rolled out Bitcoin ETFs, luring about $1.30 billion and $100 million worth AUM (assets under management), respectively.
Canada’s foremost Bitcoin fund, rolled out by 3iQ in April 2020, has developed to over $1 billion in value. Along with Coinshares and 3iQ, they have $7 billion worth assets under management.