The wait for the first public Bitcoin fund to be listed on a major global stock exchange is over.
3iQ Corp, a Canadian crypto asset manager announced Thursday that it has completed the initial public offering and started trading for its newly launched “Bitcoin Fund” on the Toronto Stock Exchange. The new fund was merged with 3iQ’s Bitcoin Trust and currently holds closing total assets of approximately $14 million.
As one would expect, the Bitcoin Fund by 3iQ is designed to provide investors on the Toronto Stock Exchange with exposure to Bitcoin and the ability to track the price movement of the digital asset in USD.
Unlike the United States Securities and Exchange Commission, which has to date rejected proposals to list a Bitcoin exchange-traded fund (ETF), the Ontario Securities Commission (OSC) approved the new Bitcoin Fund by 3iQ following an initial prospectus filing in November.
The Winklevoss twin run, crypto custodian, Gemini Custody is the selected custodian for the fund which now trades under the symbol QBTC.U and represents the first of its kind in the world that can be redeemed at net asset value (NAV).
‘The Bitcoin Fund’ just launched on the Toronto Stock Exchange. This is the first public bitcoin fund listed on a major global stock exchange. Proud that @Gemini was selected as the custodian for this fund. Congrats to @3iq_corp for making history! https://t.co/YtjFqSh6K5
— Tyler Winklevoss (@tylerwinklevoss) April 9, 2020
First of many “Bitcoin Funds”
The decision of the OSC to approve the new fund by 3iQ is almost certain to be the first of many such greenlight by a major securities regulator, especially as Bitcoin continues to mature as a full-fledged asset.
Even U.S SECH Chairman Jay Clayton once hinted that sometime in the future, the Commission would approve a Bitcoin ETF if industry participants are able to resolve the question marks around Bitcoin’s market manipulation, and trusted custody solutions.