A UK-based digital asset manager, CoinShares, advocated that it has collaborated with 3iQ, a Canadian digital asset management firm, to launch a Bitcoin exchange-traded fund (ETF) in Canada. According to the official announcement, the firms will list the 3iQ CoinShares Bitcoin ETF on the TSX (Toronto Stock Exchange), directed to the listing requirements’ satisfaction. It will be trading under the ticker BTCQ. CoinShares and 3iQ have above $7 billion worth of digital AUM (assets under management).
Moreover, CoinShares and 3iQ are planning to extend their strategic collaboration in the future. The 3iQ CoinShares Bitcoin ETF will possess a 1% annual management fee. The ETF will be accessible in all the provinces of Canada. CoinShares started trading on the Nasdaq First North Growth Market in March, an alternative stock exchange for SMEs growth companies in Europe, trading under the ticker CS. 3iQ envisions launching the 3iQ CoinShares Bitcoin ETF in early April.
3iQ CoinShares Bitcoin ETF to Develop CoinShare’s Brand Recognition
The objective of the ETF is to offer its unitholders exposure to the leading cryptocurrency. It will also monitor the everyday price variations of the U.S. dollar price of bitcoin. It also intends to provide the opportunity for long-term capital appreciation. CoinShares’ participation in the ETF will enable 3iQ to utilize the global brand CoinShares has developed over the past eight years, allowing them to extend their outreach. The 3iQ CoinShares Bitcoin ETF will enhance CoinShares’ brand recognition in the North American asset management market. Moreover, it is a strategic growth market for CoinShares in 2021.
Meanwhile, Canada is leading in North America with the approval of three bitcoin ETFs for crypto investors. Moreover, Canada is ahead of the U.S. market with multiple bitcoin ETFs already listed on the TSX. In February, Purpose Investments and Evolve Funds Group both listed bitcoin ETFs on the exchange. CI Global Asset Management obtained regulatory approval earlier this month for its final prospectus for the “CI Galaxy Bitcoin ETF.” TSX now lists the ETF under the ticker BTCX. Contrarily, the U.S. SEC (Securities and Exchange Commission) has been hesitant to provide the green light to a comparable vehicle in the U.S., having rejected dozens of proposals in current years.
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