3iQ, the leading cryptocurrency asset manager in Canada, announced that the CoinShares 3iQ Bitcoin ETF has started trading on the Toronto Stock Exchange (TSX). BTC, the world’s most valuable digital currency, experienced a volatile weekend after the price of BTC dropped nearly 15% from its record high.
According to the official announcement, Bitcoin ETF is available for trading on the TSX under the symbol BTCQ in Canadian Dollars. The product is also available for trading in US Dollars under the symbol of BTCQ.U.
Earlier this month, CoinShares and 3iQ announced a partnership to launch a Bitcoin ETF in Canada amid a surge in demand from investors. Both companies mentioned that they have more than $7 billion worth of digital assets under management.
Commenting on the latest announcement, Fred Pye, Chairman & CEO of 3iQ, said: “Today is yet another milestone for the 3iQ team, bitcoin enthusiasts and investors across Canada. Backed by deep industry expertise, we are thrilled to be adding the 3iQ CoinShares Bitcoin ETF to our offerings and especially to partner with CoinShares.”
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Finance Magnates earlier reported about the approval of the world’s first Ethereum ETF by the Canadian authorities.
Canada is slowly becoming a hub for crypto ETFs as the country approved several Bitcoin exchange-traded funds in recent months. In the latest announcement, 3iQ mentioned that the main purpose behind the launch of BTC ETF is to provide investors with broad exposure to the world’s largest cryptocurrency.
“The Bitcoin ETF’s investment objectives are to seek to provide holders of units of the BTC ETF with exposure to digital currency bitcoin and the daily price movements of the U.S. dollar price of bitcoin, and the opportunity for long-term capital appreciation,” 3iQ mentioned in the official press release.
BTC is currently trading near $56,000 with a market cap of more than $1 trillion. The overall market cap of cryptocurrencies dipped below $2 trillion today.