9.1 C
Thursday, April 22, 2021

Digital asset manager behind Canada’s first BTC fund hopes to launch Bitcoin ETF

Must read

UK Time Newshttps://www.uktimenews.com
UK Time News is your daily dose of Latest News, Entertainment, Music, Fashion, Lifestyle, World, Cricket, Sports, Politics, Tech, Business News Website. We provide you with the Latest Breaking News Straight from the UK & all around the World on different categories.

Investment fund manager 3iQ has partnered with Coinshares to launch a Bitcoin exchange-traded fund in Canada.

According to an announcement from 3iQ, the company has filed a final prospectus for a Bitcoin exchange-traded fund (BTC), or ETF, with securities regulators in each of Canada’s 10 provinces and 3 territories. Pending regulatory approval, trading for the ETF is expected to begin in early April on the Toronto Stock Exchange.

READ  Bitcoin on the 'inevitable path' to reach gold market cap - Mike Novogratz
READ  Scaramucci surprised by lack of bank response to Coinbase listing

CoinShares CEO Jean-Marie Mognetti said the joint effort was aimed at “making digital assets more accessible to investors of all types.” Units of the fund will likely trade in US dollars under the symbol “BTCQ.U” and in Canadian dollars under the symbol “BTCQ”.

Canadian investment firms have largely taken the initiative to launch crypto ETFs in North America, given the apparent reluctance of the Securities and Exchange Commission, or SEC, to approve a fund. Toronto-based Purpose Investments launched a Bitcoin ETF in February and Ninepoint Partners also plans to change its Bitcoin trust offering to an exchange-traded fund. Evolve Funds Group also announced in March that it has filed a prospectus with Canadian regulators seeking approval to begin trading an Ether ETF.

READ  European Central Bank publishes the results of the digital consultation on the euro

3iQ was behind the launch of the first Bitcoin fund in Canada in April 2020. The fund has since grown to over $ 1 billion, with Coinshares and 3iQ having a total of $ 7 billion in assets under management.

READ  You can't talk about blockchain and not talk about CBDCs and stablecoins

“We have closely followed the incredible growth of 3iQ since they received a landmark decision in Canada to license listed Bitcoin vehicles,” Mognetti said.