Canada’s first public Bitcoin fund hits $100M mark

Canadian digital asset manager 3iQ has recorded a major milestone fo its public Bitcoin (BTC) fund.

The Bitcoin Fund — Canada’s first Bitcoin fund listed on a major stock exchange — has crossed the $100 million market cap threshold, 3iQ announced in an Oct. 20 tweet.

Tyler Winklevoss, a major cryptocurrency investor and a co-founder of United States’ Gemini crypto exchange, congratulated 3iQ on the milestone.

Big Milestone. The #Bitcoin Fund by @3iq_corp that trades publicly on the Toronto Stock Exchange under $QBTC.U, just passed the $100 million mark. Onward!

— Tyler Winklevoss (@tylerwinklevoss) October 21, 2020

As previously reported, 3iQ launched its Bitcoin fund in April 2020, listing the Bitcoin Fund’s shares (QBTC.U) on the Toronto Stock Exchange. At the launch, the Bitcoin Fund listed nearly 1.5 million Class A shares on the exchange.

In conjunction with a new market cap milestone, the Bitcoin Fund’s shares have seen significant growth since its launch. At publishing time, QBTC.U is trading at $15.80, up about 30% from $11 when it was listed in April.

At the launch, Winklevoss claimed that it was the “first public Bitcoin fund listed on a major stock exchange.” Winklevoss’s Gemini exchange is providing crypto custodian services for the Bitcoin Fund.

In January 2018, 3iQ reportedly became the first crypto fund regulated by the Ontario Securities Commission and the Canadian Securities Administrators.

Gemini seems closely tied to Canada’s cryptocurrency markest. Wealthsimple Crypto, the first regulated cryptocurrency exchange in Canada, launched trading with custodial support from Gemini in September 2020. Operating as a regulated digital currency exchange and custodian in the U.S., Gemini listed the Canadian dollar in August 2020.