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%.

Read more: CoinShares Partners With Canada’s 3iQ to Launch New Bitcoin ETF on TSX

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.