Canada’s First Public Bitcoin Fund Reaches $ 100 Million Mark

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

The Bitcoin Fund, Canada’s first Bitcoin fund to be listed on a major stock exchange, has crossed the $ 100 million market capitalization thresholdannounced 3iQ in a tweet October 20.

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

Great milestone. @ 3iq_corp’s #Bitcoin Fund publicly traded on the Toronto Stock Exchange below QBTC.U, just passed the $ 100 million mark. Ahead!

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

Along with a new market capitalization milestone, Bitcoin Fund’s shares have seen significant growth since its launch.. At press time, QBTC.U is trading at USD 15.80, 30% more than the USD 11 when it was quoted in April.

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

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

Gemini appears to be closely related to the Canadian cryptocurrency brand. Wealthsimple Crypto, Canada’s First Regulated Cryptocurrency Exchange, launched trading with custody support from Gemini in September 2020. Operating as a US regulated digital currency exchange and custodian, Gemini listed the Canadian dollar in August 2020.

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