Canadian digital asset manager, 3iQ Corp has announced that it has formed a partnership with UK-based investment firm CoinShares to launch a new Bitcoin exchange-traded fund (ETF) in Canada. Trading under the ticker BTCQ, the product will be listed on the Toronto Stock Exchange (TSX) in early April, subject to the listing requirements. Both the companies are further planning for expanding their strategic collaboration in the near future.
The launch of the 3iQ CoinShares Bitcoin ETF is anticipated to begin trading in early April with an annual management fee of 1%.
3iQ will act as the investment and portfolio manager of the ETF. The firm has more than US$1.59 billion in assets under management.
Commenting on the latest announcement, Fred Pye, CEO, and Chairman of 3iQ said:
“Our deep expertise and understanding of the asset have been applied to the launch of the 3iQ CoinShares Bitcoin ETF. Our collaboration with CoinShares, a publicly listed digital asset manager, allows us to share the global brand that CoinShares has built over the past 5 years and continue to deliver innovative investment vehicles.”
Meanwhile, CoinShares started trading on the Nasdaq First North Growth Market under the ticker symbol CS last month.
CEO of CoinShares, Jean-Marie Mognetti, said on the partnership:
“At CoinShares, we have built our products with trust and transparency in mind, and we are excited to collaborate with 3iQ, who share our vision and mission of making digital assets more accessible to investors of all types.”
Both CoinShares and 3iQ have more than $7 billion worth of digital assets under management.
Canada has taken the lead in North America for launching three Bitcoin ETFs on the Toronto Stock Exchange (TSX). In February, Evolve Funds Group and Purpose Investment both listed bitcoin ETFs on the exchange. Brazil too approved its first bitcoin ETF last month.
On the counterpart, the U.S. Securities and Exchange Commission has been reluctant in approving a Bitcoin ETF in the country, having shot down dozens of proposals in recent years.