3iQ’s $14M Bitcoin Fund begins trading on Toronto Stock Exchange

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Posted on: April 13, 2020 7:54 pm EDT

The Bitcoin Fund completes gets listed on Toronto Stock Exchange

Leading Canadian digital asset fund manager 3iQ announced today that The Bitcoin Fund is now listed on the Toronto Stock Exchange (TSX). The Bitcoin Fund is a closed-end fund that gives the investor exposure to the world’s best-known cryptocurrency in a regulated asset class.

The Bitcoin Fund trades under the symbol QBTC.U on the TSX. 3iQ originally filed a prospectus for the fund in October. The Bitcoin Fund is similar to other exchange-traded products (ETPs) such as exchange-traded funds (ETFs). Investors who purchase shares in The Bitcoin Fund will be exposed to fluctuations in the price of bitcoin over time.

The Bitcoin Fund tracks the price of bitcoin (BTC) with a special index feed co-created by CryptoCompare, a cryptocurrency market data provider, and the VanEck Europe Subsidiary MV Index Solutions (MVIS). Despite trading in Canada on the Toronto Stock Exchange, QBTC.U trades in US Dollars rather than Canadian Dollars.

There are two types of Bitcoin Fund shares. Class A is available to all types of investors, while Class F is available exclusively to institutions. At launch, the value of all Class A shares in the Bitcoin Fund was $14 million.

The Bitcoin Fund will likely appeal to investors who want exposure to bitcoin but are unable to purchase the cryptocurrency for whatever reason. The exchange-traded product makes it possible for traditional investors to familiarize themselves with bitcoin.

Prior to The Bitcoin Fund’s approval, 3iQ spent over three years in discussion with the Ontario Securities Commission (OSC). The fund is widely considered to be a good fit for the Toronto Stock Exchange since the TSX is already home to several cryptocurrency firms, including Galaxy Digital, Hut 8, and Horizon’s popular blockchain exchange-traded fund.

The above is for informational purposes only and not intended to be investment advice. Seek a duly licensed professional for investment advice. More information about The Bitcoin Fund is available at 3iq.ca.