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Canadian fund company 3iQ and CoinShares launched Bitcoin ETF and started trading on Toronto Stock Exchange
The Bitcoin ETF created by the Canadian investment fund management company 3iQ and Coinshares started trading today on the Toronto Stock Exchange.
As reported, the Bitcoin ETF has completed the initial issuance of units and will begin trading in Canadian dollars on the Toronto Stock Exchange under the code “BTCQ” and the code for U.S. dollar trading is “BTCQ.U”.
The management fee for this Bitcoin ETF is 1%. BTCQ opened at $11.89, then fell to $11.51 and rebounded.
The investment fund manager said that the ETF aims to provide investors with bitcoin exposure and long-term capital appreciation opportunities based on the changes in the dollar value of bitcoin.
The management fee for a Bitcoin ETF is 1%, but 3iQ stated that it will bear more than 0.25% of other expenses.
Including funds from 3iQ and Coinshare, Canadian regulators have approved several crypto ETFs.
Last week, they approved ether ETFs from Purpose Investments, Evolve Funds Group, and CI Global Asset Management to trade on local exchanges.
Earlier, Purpose and Evolve both launched Bitcoin ETFs, which attracted approximately US$1.3 billion and US$100 million in assets under management, respectively.
Canada’s first Bitcoin fund was launched by 3iQ in April 2020 and currently has more than $1 billion in assets under management.
