Investment fund manager 3iQ has partnered with Coinshares to launch a Bitcoin exchange-traded fund in Canada.
According to an announcement from 3iQ, the firm has filed a final prospectus for a Bitcoin (BTC) fondo negoziato in borsa, o ETF, with the securities regulatory authorities in each of the 10 provinces and 3 territories of Canada. Pending regulatory approval, trading for the ETF is expected to begin in early April on the Toronto Stock Exchange.
CoinShares CEO Jean-Marie Mognetti said the joint effort was aimed at “making digital assets more accessible to investors of all types.” The fund’s units will likely trade in U.S. dollars under the ticker “BTCQ.U” and Canadian dollars under the ticker “BTCQ.”
Canadian investment firms have largely taken the lead on launching crypto ETFs in North America given the U.S. Securities and Exchange Commission’s, or SEC’s, seeming reticence in approving a fund. Purpose Investments, con sede a Toronto, ha lanciato un ETF Bitcoin a febbraio, e Ninepoint Partners sta pianificando di cambiare anche la sua offerta di fiducia Bitcoin in un fondo negoziato in borsa. Evolve Funds Group also announced in March that it had filed a prospectus with Canadian regulators for approval to begin trading an Ether ETF.
3iQ was behind the launch of Canada’s first Bitcoin fund in April 2020. The fund has since reached more than $1 miliardi, with Coinshares and 3iQ having a combined $7 billion of assets under management.
“We have followed 3iQ’s incredible growth closely since they received a landmark decision in Canada to allow listed Bitcoin vehicles,” said Mognetti.
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