Canada’s first public Bitcoin fund hits $100M mark

October 21, 2020 Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Metaverse, NFTs, FinTech and Alternative Finance, Fundraising, Investing, Trading, Innovation and Resources, Press Releases, Venture Funding and Building, Voices No comments

Cointelegraph | Helen Partz | Oct 21, 2020

Cointelegraph 3iq news - Canada’s first public Bitcoin fund hits $100M mark Shares of Canada’s first publicly listed Bitcoin fund are up 30% since its launch in April.

Canadian digital asset manager 3iQ has recorded a major milestone fo its public Bitcoin (BTC) fund.

The Bitcoin Fund — Canada’s first Bitcoin fund listed on a major stock exchange — has crossed the $100 million market cap threshold, 3iQ announced in an Oct. 20 tweet.

Tyler Winklevoss, a major cryptocurrency investor and a co-founder of United States’ Gemini crypto exchange, congratulated 3iQ on the milestone.

As previously reported, 3iQ launched its Bitcoin fund in April 2020, listing the Bitcoin Fund’s shares (QBTC.U) on the Toronto Stock Exchange. At the launch, the Bitcoin Fund listed nearly 1.5 million Class A shares on the exchange.

See: Bitcoin price hits record high for 2020 after PayPal finally adds cryptocurrency

In conjunction with a new market cap milestone, the Bitcoin Fund’s shares have seen significant growth since its launch. At publishing time, QBTC.U is trading at $15.80, up about 30% from $11 when it was listed in April.

At the launch, Winklevoss claimed that it was the “first public Bitcoin fund listed on a major stock exchange.” Winklevoss’s Gemini exchange is providing crypto custodian services for the Bitcoin Fund.

In January 2018, 3iQ reportedly became the first crypto fund regulated by the Ontario Securities Commission and the Canadian Securities Administrators.

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3iQ Press Release | Oct

3iQ’s The Bitcoin Fund Offers Trading Denominated in Canadian Dollars

Toronto, Oct. 19, 2020 (GLOBE NEWSWIRE) -- 3iQ Corp. ("3iQ") is pleased to announce that the Class A Units of The Bitcoin Fund will commence trading in Canadian dollars on the Toronto Stock Exchange on October 22, 2020 under the symbol “QBTC.” The Class A Units will trade under their existing CUSIP number. “Finally, Canadian investors have the opportunity to trade The Bitcoin Fund in their native currency and through their locally dominated accounts, thus eliminating the interminable costs and albeit hassle of converting currencies” says Fred Pye, President & CEO of 3iQ.

The Bitcoin Fund’s investment objectives are to provide holders of units with exposure to bitcoin and the opportunity for long-term capital appreciation. The Bitcoin Fund acquires assets from reputable and regulated bitcoin trading platforms and OTC counterparties, in order to provide investors with a convenient, secure alternative to a direct investment in bitcoin. We believe an investment in bitcoin will provide investors with a low-correlated asset class, which will complement traditional investment strategies.

See: $14M Bitcoin Fund Gets Listed on Toronto Stock Exchange

Additionally, 3iQ is excited to welcome Christopher Matta to the company as Managing Director of Sales and Trading, effective October 19th, 2020. Chris is the President and Founder of the Blockchain Association of New Jersey, which advocates for innovative regulatory leadership and enterprise collaboration for the cryptocurrency space. He is the former co-founder of Crescent Crypto, an asset management firm focused on creating innovative investment solutions to bring the cryptocurrency asset class to institutional and mainstream investors. Prior to Crescent, Chris was a Vice President at Goldman Sachs where he managed assets for the Goldman Sachs Philanthropy Fund and Trust Comp. Chris reveals that he is "excited to be joining 3iQ at this pivotal time as the company is rapidly expanding, launching new and innovative products that will make digital asset investing more secure and accessible through a regulated offering.”

View release here

NCFA Jan 2018 resize - Canada’s first public Bitcoin fund hits $100M mark The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org