From now on Canadians will be able to invest their funds in Bitcoin as Canada’s first public cryptocurrency fund was listed on the major stock exchange.
A Canadian investment manager 3iQ listed The Bitcoin Fund on the Toronto Stock Exchange (TSX) yesterday. The launch is the first-ever in Canada when the cryptocurrency-related fund is listed on the stock exchange.
The major digital asset exchange Gemini will be acting as the custodian, as its CEO and co-founder Tyler Winklevoss said on Twitter. He also called the listing of Canada’s first public Bitcoin fund a historical event:
The first public Bitcoin Fund is said to work like any other exchange-traded product. This means that investors buy their shares in the Fund and profit from the changes in asset price over time.
It is already official, that the Bitcoin Fund comes in two different types of shares. However, only one of them, called Class A, is available for all kinds of investors on the Toronto Stock Exchange. According to 3iQ CEO Fred Pye, the total value of Class A shares is nearly $14 million.
The Bitcoin Fund is listed on the largest and most active stock exchange in Canada under the symbol of QBTC.U. Nearly 1.5 million Class A shares are currently trading at around $11 per each.
Fund’s listing on Canada’s major stock exchange completes the long process of delays, negotiations, and regulatory resistance, which 3iQ has to overcome. According to investment manager 3iQ, the company chose to list on TSX, as Toronto jurisdiction is already regulated.
Meanwhile, the company has further plans for the Bitcoin Fund. Since it finally got listed in Canada, the company has a goal to make it available worldwide, starting with listings on Gibraltar exchange this May. The company expects the fund to be the biggest regulated Bitcoin fund around the globe.
