Reports have emerged that Canada-based investment fund manager 3iQ’s Bitcoin exchange-traded fund (ETF) set up in partnership with Coinshares is now live and available for trading. The fund’s units started trading around three weeks after the investment manager filed a final prospectus with Canadian regulators.
In an official announcement from 3iQ on April 20, 202, trading for the 3iQ Coinshares Bitcoin exchange-traded fund, started on the Toronto Stock Exchange today. This fund’s units are trading in US dollars going under the ticker “BTCQ.U” and Canadian dollars goes by the ticker “BTCQ.”
Trading launched at $11.89 for BTCQ before plunging to $11.51 and recovering. On the other hand, units of the Bitcoin ETF in U.S. dollars opened at $9.39 and have since gained 0.4% at the time of writing.
The investment fund manager said that the ETF was aimed at offering investors exposure to Bitcoin (BTC) according to the movements of the crypto’s value in dollars, and the chance for long-term capital appreciation. The BTC ETF’s management fee is 1%, but3iQ said that it would absorb any other expense that comes more than 0.25%.
Canada has somehow taken the lead on launching cryptocurrency ETFs in North America given the United States Securities and Exchange Commission’s (SEC), reticence is approving local funds; although many people 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 it then filed the final prospectus for the BTC ETF earlier in April. The regulators in Canada have approved multiple crypto ETFs, including 3iQ’s and Coinshare’s fund.
In the past week, they authorized Ether (ETH) ETFs from Evolve Funds Group, Purpose Investments, and CI Global Asset Management to start trading on local exchanges. Both Evolve and Purpose had launched Bitcoin ETFs in the past, attracting about $100 million and $1.3 billion in assets under management, respectively.
Canada’s first Bitcoin fund, launched by 3iQ in April 2021, has grown to over $1 billion. Together, 3iQ and Coinshares have $7 billion in assets under management.