3iQ set to launch Bitcoin ETF

A bitcoin exchange-traded fund in Canada has been launched by Investment fund manager, 3iQ in partnership with Coinshares.

In each of the 10 provinces and 3 territories in Canada, 3iQ has filed a final prospectus for a Bitcoin (BTC) exchange-traded fund or ETF, with the securities regulatory authorities. The trading for ETF is expected to start on Toronto Exchange which though is subject to regulatory approval.

Making digital assets more accessible to investors of all types is the rationale for the partnership with 3iQ according to Marrie Mognetti, the CEO of Coinshare. In Canada the funds unit will trade under dollar, with the ticker ‘BTCQ’ while in USA it will be under the ticker BTCQ.U

Canadian investment firms have largely taken the lead on launching crypto ETFs in North America given the U.S. Securities and Exchange Commission’s, or SEC’s, seeming reticence in approving a fund. Toronto-based Purpose Investments launched a Bitcoin ETF in February, and Ninepoint Partners is reportedly planning to change its Bitcoin trust offering to an exchange-traded fund as well. Evolve Funds Group also announced in March that it had filed a prospectus with Canadian regulators for approval to begin trading an Ether ETF.

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