First Bitcoin fund listed on the Toronto Stock Exchange

The manager 3iQ just made a IPO for his funds dedicated to investing in the first cryptocurrency on the market, The Bitcoin Fund, on the Toronto Stock Exchange.

In a press release, the Canadian 3iQ explained that his fund, referenced under the symbol QBTC.U, now had nearly 1.5 million tradable shares on the Toronto Stock Exchange. The placement, worth approximately $ 14 million, was co-chaired by Canaccord Genuity and Echelon Wealth Partners.

Unveiled last December, the fund allows investors to expose themselves to fluctuations in the Bitcoin (BTC) price and follows its price thanks to the feed developed by MV Index – a Vaneck subsidiary – and the famous data provider CryptoCompare.

According to MV Index CEO Thomas Kettner, listing the fund on a consumer exchange like the TSX "will help strengthen the status of digital assets as an asset class."

Our team is delighted to have reached this milestone for investors – a Bitcoin fund product in the traditional asset channel, ”added Shaun Cumby, chief investment officer at 3iQ.

We also learn that Gemini, the crypto-purse of the twins Winklevoss, has been selected as depositary to ensure the security of funds.

The Bitcoin Fund just appeared on the Toronto Stock Exchange. It is the first Bitcoin public fund to be listed on a major global exchange. Proud that Gemini has been chosen as custodian for this fund, ”commented Tyler Winklevoss on Twitter.

The Toronto Stock Exchange is the largest stock market in Canada and the ninth in the world in terms of market capitalization. Several firms specializing in cryptocurrency, such as banking Galaxy Digital and the minor Hut 8, are today listed on the TSX.

At the beginning of the year, 3iQ partnered with the blockchain specialist Mavennet Systems in order to jointly issue a stablecoin backed by the Canadian dollar.