3iQ, a Canadian asset manager announced that they’ve become the first firm to launch a public Bitcoin (BTC) fund on the Toronto Stock Exchange (TSX).
According to reports, the Bitcoin tied fund by 3iQ Corp has been dubbed the Bitcoin Fund (ticker: QBTC.u). It’s a rules-based index aimed at giving investors a standard to monitor the performance of Bitcoin on a number of exchanges. They include Binance, Bitflyer, Bitstamp, Coinbase, Gemini, itBit, and Kraken.
Besides, 3iQ collaborated with VanEck’s MV Index Solutions, to create a cryptocurrency index and data series.
Thomas Kettner, the Managing Director of MV Index Solutions commented on the new fund. He said: “We’re pleased that our Digital Assets Indices continue to be popular and that we are now also the underlying index of a publicly listed investment fund in Canada. This will help to strengthen the status of digital assets as an asset class.”
Information about the Bitcoin Fund
The Bitcoin Fund (ticker: QBTC.u) is reportedly closed-end in nature and the company has already finalized the initial public offering (IPO) of its units. It also listed about 1.5 million Class A units of QBTC.U shares. Thus, representing $14 million in asset value.
Additionally, 3iQ also collaborated with the New York-based crypto exchange, Gemini Trust to carry out custodian duties for the Bitcoins held in the fund.
On Twitter, Tyler Winklevoss, Co-Founder & CEO of Gemini exchange shared:
‘The Bitcoin Fund’ just launched on the Toronto Stock Exchange. This is the first public bitcoin fund listed on a major global stock exchange. Proud that @Gemini was selected as the custodian for this fund. Congrats to @3iq_corp for making history! https://t.co/YtjFqSh6K5
— Tyler Winklevoss (@tylerwinklevoss) April 9, 2020
About 3iQ Corp
3iQ Corp. (“3iQ”) claims to be the first Canadian investment fund manager to consent the terms and conditions of the Canadian securities regulatory authorities. Therefore, giving them permission to manage a…