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Canada Are The First Country To Have A Public Bitcoin Fund

Updated: 20 Jan 2021

The Toronto Stock Exchange has become the first exchange globally, to offer an exchange-traded bitcoin fund.

Asset management company 3iQ launched the fund last Thursday, and on the same day saw $14 million invested. The fund is expected to continue to grow as awareness grows.

In the US, the SEC continues to block similar products from being launched, despite the appetite for them.

The fund will act in a similar way to other exchange-traded funds on national exchanges. Traders and investors can buy and sell shares in the Bitcoin regulated fund and not have to worry about issues such as passwords and security breaches. According to the company behind the fund, they have said that its purpose is to provide “exposure to the digital currency bitcoin and the daily price movements of the US dollar price of bitcoin”.

3iQ are familiar with cryptos, having launched their stablecoin named QCAD back in February which is pegged to the Canadian dollar.

When it comes to pricing issues with the Bitcoin fund, the company is partnering with CryptoCompare and MV Index Solutions.

The Winklevoss brothers, who have made many attempts to launch a Bitcoin fund in the US, threw their support behind the launch saying:

“The Bitcoin Fund just launched on the Toronto Stock Exchange. This is the first public bitcoin fund listed on a major global stock exchange. Proud that @Gemini was selected as the custodian for this fund. Congrats to @3iq_corp for making history!”

Last Thursday saw the fund open at 11.50. However, it was extremely volatile and we saw it close the day at 11, with today’s open I am expecting more volatility as more crypto traders become aware of the funds presence.

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