Another bitcoin ETF is in the works for Canadian investors.
Canadian digital asset manager 3iQ Corp announced on Thursday that it has signed an agreement with investment firm CoinShares to launch a new bitcoin exchange traded fund (ETF) (BTC, -0.37%).
In an announcement, 3iQ Corp said CoinShares partnered with the company to launch the 3iQ CoinShares Bitcoin ETF. Traded under the BTCQ ticker, the vehicle for investing in bitcoin without holding the digital asset itself will be listed on the Toronto Stock Exchange (TSX) in early April, pending regulatory approval.
Canada has taken the lead in North America in approving three bitcoin ETFs for curious crypto investors. The Securities and Exchange Commission has been reluctant to give the green light to a similar vehicle in the United States, having rejected dozens of proposals in recent years. Last month, Brazil took action with the approval of its first bitcoin ETF.
3iQ has more than C $ 2 billion ($ 1.59 billion) in assets under management and listed a bitcoin fund on TSX in April last year. The 3iQ CoinShares Bitcoin ETF will have an annual management fee of 1%.
In March, CoinShares started trading on the Nasdaq First North Growth Market, an alternative stock exchange for small and medium-sized companies in Europe, trading under the symbol CS.
Canada is ahead of the U.S. market with a series of bitcoin ETFs already listed on TSX. In February, Evolve Funds Group and Purpose Investment listed bitcoin ETFs on the exchange.
CI Global Asset Management received regulatory approval earlier this month for its final prospectus for the “CI Galaxy Bitcoin ETF” – which is now listed on TSX under the ticker BTCX.
“We have followed 3iQ’s incredible growth closely since they received a historic decision in Canada to allow listed bitcoin vehicles,” CoinShares CEO Jean-Marie Mognetti said of the deal.