Canada’s Largest Stock Exchange Launches First Public Bitcoin Fund

After three years of legal disputes, Canadian asset management company 3iQ launched the first Bitcoin fund on the Toronto Stock Exchange (TSX).

On April 9, The Bitcoin Fund listed one and a half million shares of QBTC.U for $14 million. Currently, the fund’s shares are trading at around $11.

Tyler Winklevoss, the crypto-investor and co-founder of the Gemini crypto exchange, said that the launch of the TSX Bitcoin Fund is a historic event, as it is “the first public bitcoin fund listed on a major global stock exchange.” Gemini provides custodial services to the foundation.

TSX is Canada’s largest stock exchange. The price indices used by the fund are provided by CryptoCompare and MV Index Solutions, a subsidiary of VanEck. 3iQ acts as an investment and portfolio management fund.

The shares issued by the fund enable investors to access bitcoin without worrying about security when storing cryptocurrencies.

3iQ spent three years negotiating with the Ontario Securities Commission (OSC) to obtain approval for the launch of the fund.

Author: Marko Vidrih

Featured image credit: Pixabay