3iQ Investment Fund Manager has partnered with Coinshares to launch a bitcoin-traded stock exchange fund in Canada.
According to an announcement from 3iQ, the company has it filed final prospectus for bitcoin (BTC) an exchange-traded fund or ETF with securities regulators in each of Canada’s 10 provinces and 3 territories. Pending trading by the regulator, trading in ETFs expected will begin in early April on the Toronto Stock Exchange.
CoinShares CEO Jean-Marie Mognetti said the joint effort was aimed at “making digital assets available to investors of all types”. The fund’s units are likely to be traded in US dollars under the “BTCQ.U” cursor and in Canadian dollars under the “BTCQ” cursor.
Canadian investment companies have largely taken the lead in implementing crypto ETFs in North America, as the Securities and Exchange Commission (SEC) has seemed reluctant to approve the fund. Targeted investments based in Toronto launched a bitcoin ETF in February, and reportedly is Ninepoint Partners plans to change his bitcoin relationship offer also to a fund traded on the stock exchange. Evolve Funds Group also announced in March that it had done so filed a prospectus with the Canadian regulators approving the start of trading in the Ether ETF.
3iQ was behind the launch of Canada’s first bitcoin fund in April 2020. The fund has since reached more than $ 1 billion, with Coinshares and 3iQ having a total of $ 7 billion in assets under management.
“We have seen 3iQ’s incredible growth because in Canada they have made a major decision to allow these bitcoin vehicles,” said Mognetti.