Bitcoin-listed 3iQ Canadian Funds, which were created in partnership with Coinshares, are now available for trading.
According to an announcement from 3iQ today, the 3iQ Coinshares Bitcoin Exchange Traded Fund, or ETF, has started trading on the Toronto Stock Exchange. The fund’s units are traded in US dollars under the symbol “BTCQ.U” and in Canadian dollars under the symbol “BTCQ”. BTCQ opened trading at $ 11.89 and then dipped to $ 11.51 and rebounded, while Bitcoin ETF stock opened in USD at $ 9.39 and has since gained 0.4% at the time publications.
The mutual fund manager said the ETF aims to provide investors with access to bitcoin (BTC) based on the movement of the dollar value of the cryptocurrency and the potential for long-term capital growth. The Bitcoin ETF management fee is 1%, but 3iQ has said it will cover other costs in excess of 0.25%.
Canada appears to have taken the lead in launching North American ETFs given the US Securities and Exchange Commission’s (SEC) reluctance to approve domestic funds – although many hope, given Gary Gensler’s recent announcement that she is the SEC leader. 3iQ was behind the launch of Canada’s first bitcoin fund and unveiled the ultimate bitcoin ETF perspective earlier this month.
Canadian regulators including 3iQ’s and Coinshare Fund have approved several ETFs. Last week they gave the green light to ETF Ether (ETH) from Purpose Investments, Evolve Funds Group and CI Global Asset Management to start trading on local exchanges. Purpose and Evolve previously launched a Bitcoin ETF, raising roughly $ 1.3 billion and $ 100 million in total assets.
The first Canadian bitcoin fund launched by 3iQ in April 2020 has grown to over $ 1 billion. Coinshares and 3iQ have combined assets of $ 7 billion.