3iQ Becomes First Firm To Introduce Bitcoin Funds On TSX

Jyoti  |  Apr 10, 2020, 6:14 pm
3iQ Becomes First Firm To Introduce Bitcoin Funds On TSX

After three years of legal disagreement, the Canadian asset manager 3iQ became the first company to introduce a fund secured to Bitcoin (BTC) on the Toronto Stock Exchange (TSX).

On April 09, 2020, around 1.5 million Class A ‘QBTC.U’ shares were recorded by ‘The Bitcoin Fund’ on TSX. Currently, the trading value of each fund’s shares is around $11. 

Winklevoss Twins, Custodian For Bitcoin Fund

The very next day, i.e., on April 10, 2020, an American cryptocurrency and Bitcoin investor, Tyler Winklevoss, while appreciating the launch of Bitcoin Fund on TSX, tweeted that the Bitcoin fund recorded on a major stock exchange is first of its kind.

The crypto exchange Gemini which belongs to The Winklevoss Twins is a custodian for The Bitcoin Fund.

TSX is considered to be the largest stock exchange in Canada and most of the times monthly of it is over $97 billion.

The Bitcoin Fund’s price indexes were decided by CryptoCompare which is a data company for cryptocurrency and subsidiary of VanEck Europe i.e., MV Index Solutions. 

3iQ Disagreement With Ontario Securities Commission

3iQ, which was founded in the year 2012, is also an investment and portfolio manager of The Bitcoin Fund.

The crypto shares which has been introduced by the fund on the TSX would allow the mainstream investors to get exposed to Bitcoin. Earlier the mainstream investors could not trust the cryptocurrency, as they would get worried about its security and custody. But now as it has been issued as a share, the investors could easily rely on it.

In the year 2017, the Ontario Securities Commission (OSC) filed its prospectus for The Bitcoin Fund, but then it got involved in a negotiation with 3iQ, which went on for three years. Now, the fund has got approval under the name of 3iQ.

According to a report, recently, the TSX has also listed the shares of Hut8, a Bitcoin mining company, and Galaxy Digital, cryptocurrency bank.

Since the year 2018, the Global Cryptoasset Fund, the shares in 3iQ, have been trading on TSX NAVex which is mutual fund platform of TSX.

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