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

Another bitcoin ETF is in the works for Canadian investors.

Apr 1, 2021 at 7:57 p.m. UTC
Updated Sep 14, 2021 at 12:35 p.m. UTC

Canadian digital asset manager 3iQ Corp announced Thursday it has inked an agreement with investment firm CoinShares to launch a new bitcoin exchange-traded fund (ETF). 

In an announcement, 3iQ Corp said CoinShares has partnered with the firm to launch the 3iQ CoinShares Bitcoin ETF. Trading under the ticker BTCQ, the vehicle for investing in bitcoin without holding the digital asset itself will be listed on the Toronto Stock Exchange (TSX) in early April, pending regulatory approval.  

Canada has taken the lead in North America in approving three bitcoin ETFs for crypto-curious investors. The Securities and Exchange Commission has been reticent to give the green light to a similar vehicle in the U.S., having shot down dozens of proposals in recent years. Last month, Brazil got into the act with the approval of its first bitcoin ETF.

3iQ has more than C$2 billion (US$1.59 billion) in assets under management and listed a bitcoin fund on the TSX in April last year. The 3iQ CoinShares Bitcoin ETF will have a 1% annual management fee.

In March, CoinShares began trading on the Nasdaq First North Growth Market, an alternative stock exchange for small and medium-sized growth companies in Europe, trading under the ticker CS.

Canada is ahead of the U.S. market with a number of bitcoin ETFs already listed on the TSX. In February, Evolve Funds Group and Purpose Investment both listed bitcoin ETFs on the exchange. 

CI Global Asset Management received regulatory approval earlier this month for its final prospectus for the "CI Galaxy Bitcoin ETF" – which is now listed on the TSX under the ticker BTCX.

“We have followed 3iQ’s incredible growth closely since they received a landmark decision in Canada to allow listed bitcoin vehicles,” CoinShares CEO Jean-Marie Mognetti said of the tie-up.

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