The 3iQ CoinShares Bitcoin ETF has reached over C$1 billion (US$823 million) in assets under management (AUM) after only three weeks of trading on the Toronto Stock Exchange.
- In an announcement Friday, 3iQ said the bitcoin exchange-traded fund launched in partnership with CoinShares has seen enormous demand from investors.
- The bitcoin ETF began trading in Canadian dollars under the ticker BTCQ and in U.S. dollars under the symbol BTCQ.U on the TSX on April 19.
- On April 23, Canadian regulators approved the “3iQ CoinShares Ether ETF” which became the fourth ether ETF to trade on the TSX.
- Besides the ether ETFs, Canada has approved four bitcoin ETFs targeted at crypto-hungry investors. Meanwhile, the U.S. has yet to approve an ETF for any cryptocurrency despite years of applications.
- "Reaching $1 billion in only three weeks speaks to the enormous market demand for bitcoin," said Fred Pye, CEO of 3iQ.
- The management fee for the ETF is 1.00% and 3iQ said it is absorbing any other expenses in excess of 0.25%.