Trading For Bitcoin ETF from 3iQ and Coinshares Officially Available In Canada

By Tracy Hannes | May 3, 2021
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Canadian investment fund management entity 3iQ’s Bitcoin exchange-traded fund – established via a collaboration with Coinbase – has reportedly gone live officially. 

Specifically revealed by 3iQ, trading for the 3iQ Coinshares Bitcoin exchange-traded fund (ETF) is reportedly available across the Toronto Stock Exchange starting April 19th. 

The fund’s units are trading in U.S. dollars under the ticker “BTCQ.U” and Canadian dollars under the ticker “BTCQ”. 

Trading initially started at $11.89 for BTCQ, and slightly fell shortly after to $11.51 and climbed back again, while units of the Bitcoin ETF in U.S. dollars began trading at  $9.39, and has gradually inclined 0,4%. 

The investment fund manager reportedly claimed that the ETF has a primary target of offering investors exposure to Bitcoin (BTC), dependent on the movements of the cryptocurrency’s value in dollars, as well as the chance to achieve long-term capital appreciation. The Bitcoin ETF’s management fee is 1%, but 3iQ noted that there will be an additional 0,25% for it to cover every extra expense. 

Canada has reportedly been the leading nation in terms of releasing crypto ETFs throughout North America, given the reserved stance the US SEC has taken regarding greenlighting local funds – though the latest appointment of pro-crypto Gary Gensler to the SEC chair has sparked hope for many. 

3iQ was reportedly the entity in charge of rolling out Canada’s first Bitcoin fund and submitted the filing for the final prospectus for the Bitcoin ETF earlier in April.

Counting 3iQ’s and Coinshare fund, Canadian lawmakers have reportedly granted the go-ahead to numerous crypto ETFs. Nominally, a green light was given to Ether (ETH) ETFs from Purpose Investments, Evolve Funds Group, and CI Global Asset Management to begin trading on local exchanges.

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