On April 9, Canadian asset manager 3iQ announced that its efforts to launch a fund tied to Bitcoin (BTC) on the Toronto Stock Exchange had finally come to fruition after three years of continued legal disputes. As a result of this move, 3iQ has become the first firm to release such an offering commercially on the exchange.
Currently trading under the name, “The Bitcoin Fund,” the offering has around 1.5 million Class A “QBTC.U” shares available on the Toronto Stock Exchange, or TSX. At press time, each share is trading for around $12. The price indexes being used by the fund are from crypto data company CryptoCompare and VanEck Europe subsidiary MV Index Solutions. 3iQ is serving as the fund’s investment and portfolio manager.
Following this news, a number of prominent members from the global crypto community came forth to express their pleasure with the development. For example, crypto investor and entrepreneur Tyler Winklevoss posted a tweet stating that the launch of 3iQ’s BTC Fund on TSX was a historic event, to say the least.
However, The Bitcoin Fund is under the custody of the Winklevoss’ exchange Gemini, and thus Tyler and his brother Cameron are invested in the fund’s success. Lastly, TSX is Canada’s premier stock exchange, facilitating more than $97 billion worth of monthly trade.
Exposure to the cryptocurrency ecosystem for all
Speaking on the significance of this latest development, Gemini’s president Cameron Winklevoss told Cointelegraph that the listing of a publicly-traded Bitcoin fund on a major stock exchange will serve as an important milestone for the industry as a whole — especially in regard to crypto being viewed as a legitimate asset class by the global investment community. He added:
“Now, any investor can get exposure to Bitcoin on the Toronto Stock Exchange in the same way they can buy an ETF to get exposure to oil, gold, or a basket of tech stocks. While exciting, it’s not unexpected; this mirrors the growing…