Jean-Marie Mognetti, CEO of CoinShares, claimed that the proposed Bitcoin ETF intends to make “digital assets more available to investors of all kinds.”
3iQ, a Canadian hedge fund company, has collaborated with Coinshares to create a Bitcoin exchange-traded fund.
According to a 3iQ statement, the company has filed a final prospectus for a Bitcoin (BTC) exchange-traded fund, or ETF, with securities regulatory authorities in each of Canada’s ten provinces and three territories. Trading for the ETF is scheduled to begin on the Toronto Stock Exchange in early April, subject to regulatory approval.
CoinShares CEO Jean-Marie Mognetti said that the collaborative project aims to “make digital assets more available to investors of all types.” The fund’s units would most likely trade under the ticker “BTCQ.U” in US dollars and under the ticker “BTCQ” in Canadian dollars.
Despite the Securities and Exchange Commission’s (SEC) evident unwillingness to sanction a fund, Canadian investment companies have largely taken the lead in introducing crypto ETFs in North America. Purpose Investments, headquartered in Toronto, unveiled a Bitcoin ETF in February, and Ninepoint Partners is rumoured to be preparing to convert its Bitcoin trust offering to an exchange-traded fund as well. In March, Evolve Funds Group also reported that it had filed a prospectus with Canadian regulators in order to begin trading an Ether ETF.
In April 2020, 3iQ will open Canada’s first Bitcoin fund. The fund has now grown to more than $1 billion, with Coinshares and 3iQ managing a total of $7 billion in funds.
“We have been closely following 3iQ’s impressive growth since they secured a historic decision in Canada to approve listed Bitcoin cars,” Mognetti said.
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