Digital asset manager behind Canada’s first BTC fund hopes to launch Bitcoin ETF

CoinShares CEO Jean-Marie Mognetti said its proposed Bitcoin ETF aims to make “digital assets more accessible to investors of all types.”

Investment fund manager 3iQ has partnered with Coinshares to launch a Bitcoin exchange-traded fund in Canada.Ā 

According to an announcement from 3iQ, the firm has filed a final prospectus for a Bitcoin (BTC)Ā exchange-traded fund, or ETF, with the securities regulatory authorities in each of the 10 provinces and 3 territories of Canada. Pending regulatory approval, trading for the ETF is expected to begin in early April on the Toronto Stock Exchange.

CoinShares CEO Jean-Marie Mognetti said the joint effort was aimed at ā€œmaking digital assets more accessible to investors of all types.ā€ The fundā€™s units will likely trade in U.S. dollars under the ticker ā€œBTCQ.Uā€ and Canadian dollars under the ticker ā€œBTCQ.ā€

Canadian investment firms have largely taken the lead on launching crypto ETFs in North America given the U.S. Securities and Exchange Commissionā€™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.

3iQ was behind the launch of Canadaā€™s first Bitcoin fund in April 2020. The fund has since reached more than $1 billion, with Coinshares and 3iQ having a combined $7 billion of assets under management.

ā€œWe have followed 3iQā€™s incredible growth closely since they received a landmark decision in Canada to allow listed Bitcoin vehicles,” said Mognetti.

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