02 April 2021
Canadian digital asset management company 3iQ Corp announced Thursday that it has signed an agreement with investment firm CoinShares to launch a new bitcoin exchange-traded fund (BTC, + 0.92%).
In the announcement, 3iQ Corp announced that CoinShares has partnered with the firm to launch the 3iQ CoinShares Bitcoin ETF. Trading under the ticker BTCQ, a tool for investing in bitcoin without owning the digital asset itself, will be listed on the Toronto Stock Exchange (TSX) in early April, pending regulatory approval.
Canada has taken the lead in North America to approve three bitcoin ETFs for crypto-competitive investors. The Securities and Exchange Commission has been slow to give the green light to a similar vehicle in the US, having turned down dozens of bids in recent years. Last month, Brazil went into effect with the approval of its first bitcoin ETF.
3iQ manages over C $ 2 billion ($ 1.59 billion) in assets and listed a bitcoin fund on TSX last April. Bitcoin ETF 3iQ CoinShares will have an annual management fee of 1%.
In March, CoinShares began trading on the Nasdaq First North Growth Market, an alternative stock exchange for small and medium-sized growing companies in Europe, listed under the ticker CS.
Canada is ahead of the US market next to bitcoin ETFs already listed on the TSX. In February, Evolve Funds Group and Purpose Investment put up a bitcoin ETF for trading.
Earlier this month, CI Global Asset Management received regulatory approval for the final CI Galaxy Bitcoin ETF prospectus, which is now listed on TSX under the ticker BTCX.
“We have been closely following the incredible growth of 3iQ since the landmark decision in Canada to allow exchange-traded bitcoins,” said Coin CEO.