The 3iQ Mutual Fund Manager has partnered with Coinshares to launch a Canada-listed Bitcoin Fund.
According to the 3iQ announcement, the company introduced the latest fund to be traded on the Bitcoin Exchange (BTC) or ETF prospectus with securities authorities in each of 10 provinces and 3 territories in Canada. Pending regulatory approval, the ETF is expected to begin trading in early April on the Toronto Stock Exchange.
CoinShares CEO Jean-Marie Mougnetti said the joint effort aims to “make digital assets within the reach of investors of all kinds.” Fund units are likely to trade in US dollars under the “BTCQ.U” bar and in Canadian dollars under the “BTCQ” bar.
Canadian investment firms have largely taken the lead in launching North American ETFs, given that the US Securities and Exchange Commission, or SEC, does not appear to be willing to approve the fund. Toronto-based company Purpose Investments launched a Bitcoin ETF in February, and Ninepoint Partners is also said to be planning to switch Bitcoin’s offering to an ETF. Evolve Funds Group also announced in March that it had submitted a prospectus to Canadian regulators to approve Ether ETF trading.
3iQ was behind the launch of the first Bitcoin fund in Canada in April 2020. Since then, the fund has reached over $ 1 billion, and the combined assets of Coinshares and 3iQ have reached $ 7 billion.
“We have been closely following the impressive growth of 3iQ since the historic decision was made in Canada to allow Bitcoin vehicles listed,” Mognetti said.