3iQ CoinShares Bitcoin ETF Begins Trading on Toronto Stock Exchange Today

The bitcoin exchange-traded fund (ETF) created by Canada-based investment fund manager 3iQ in partnership with CoinShares is now available for trading.

In a statement released by 3iQ today, the 3iQ CoinShares Bitcoin ETF began trading on the Toronto Stock Exchange today. The fund trades in U.S. dollars under the ticker "BTCQ.U" and in Canadian dollars under the ticker "BTCQ."

BTCQ opened trading at $11.89 before falling to $11.51 and recovering, while BTCQ.U opened at $9.39 and has since risen 0.4%.

3iQ said the ETF is designed to provide investors with exposure to Bitcoin based on changes in the dollar value of Bitcoin, as well as the opportunity for long-term capital appreciation.

Canada has taken the lead in launching crypto ETFs in North America, given that the U.S. Securities and Exchange Commission (SEC) has refused to approve a Bitcoin ETF. 3iQ is behind Canada’s first Bitcoin fund and filed its final prospectus for a Bitcoin ETF earlier this month.

Canadian regulators have approved several crypto ETFs, including funds from 3iQ and Coinshare. Last week, they approved Ethereum ETFs from Purpose Investments, Evolve Funds Group and CI Global Asset Management to begin trading on local exchanges. Purpose and Evolve have both previously launched Bitcoin ETFs, attracting about $1.3 billion and $100 million in assets under management, respectively.

Canada's first Bitcoin fund was launched by 3iQ in April 2020 and has now exceeded $1 billion in size. CoinShares and 3iQ manage a total of $7 billion in assets.