The first public Bitcoin fund is listed on the Toronto stock exchange




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3iQ Canadian asset management unit became the first company launch a Bitcoin (BTC) fund on the Toronto Stock Exchange (TSX), after three years of legal controversy.


The Fund, called "The Bitcoin Fund", listed nearly 1.5 million "QBTC.U" Class A shares on TSX on April 9. The fund's shares are currently trading at about $ 11 per share.


On April 10, crypto entrepreneur and investor Tyler Winklevoss tweeted that the launch of Bitcoin Fund on TSX was a historic milestone, as it was "the first public Bitcoin fund to be listed on a Large stock exchanges. ” The cryptocurrency exchange Gemini of the Winklevoss twins currently acts as a depository unit for The Bitcoin Fund.




TSX is Canada's largest stock exchange with over 97 billion dollars traded monthly. Price indices used by the fund are provided by crypto data firm CryptoCompare and MV Index Solutions - a subsidiary of VanEck Europe.


3iQ also acts as the fund's investment manager and portfolio manager. The company was founded in 2012.


It took 3 years to negotiate regulations


Stocks issued by The Bitcoin Fund provide a means for mainstream investors to contact Bitcoin without having to worry about security or custody of cryptocurrencies. The VSC is also providing Class F shares to target institutional investors.


3iQ took 3 years to negotiate with the Ontario Securities Commission (OSC) before the fund was approved - when the company initially submitted the prospectus to The Bitcoin Fund in 2017.


TSX also listed shares of Bitcoin Hut8 mining company and cryptocurrency bank Galaxy Digital, in addition to Horizon's ETF blockchain fund. 3iQ's "Global Cryptoasset Fund" shares were also traded on TSX NAVex - TSX's mutual fund platform, in October 2018.


3iQ launches CAD stablecoin


In February of this year, 3iQ partnered with Mavennet to launch a stablecoin that pegged the Canadian dollar - which has been regulated by Canada's Financial Reporting and Reporting Analysis Center (FINTRAC) since June. last year.


Stablecoins - named "QCAD", contain an ERC-20 token launched on the Ethereum (ETH) blockchain.


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According to CoinTelegraph
Translated by ToiYeuBitcoin