CoinShares, a UK-based digital asset manager, announced that it has formed a partnership with the Canadian digital asset management firm 3iQ to launch a Bitcoin ETF in Canada.
According to the official announcement, the 3iQ CoinShares Bitcoin ETF will be listed on the Toronto Stock Exchange, subject to the satisfaction of the listing requirements. The ETF will be traded under the ticker BTCQ.
CoinShares and 3iQ have more than $7 billion worth of digital assets under management. Both companies are planning to expand their strategic collaboration in the future.
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Commenting on the latest announcement, Fred Pye, CEO and Chairman of 3iQ, said: “3iQ is a leading innovator of cryptocurrency investments, launching the first-ever publicly traded bitcoin vehicle in Canada. Our deep expertise and understanding of the asset have been applied to the launch of the 3iQ CoinShares Bitcoin ETF. Our collaboration with CoinShares, a publicly listed digital asset manager, allows us to share the global brand that CoinShares has built over the past 5 years and continue to deliver innovative investment vehicles.”
Institutional interest has grown significantly in crypto-related investment products since the start of 2020. According to a report published by CoinShares in March 2021, global cryptocurrency assets under management have reached $57 billion.
Finance Magnates earlier reported about the approval of purpose Bitcoin ETF by the Canadian regulators. 3iQ mentioned that the company is expecting the launch of the 3iQ CoinShares Bitcoin ETF in early April. “We have followed 3iQ’s incredible growth closely since they received a landmark decision in Canada to allow listed Bitcoin vehicles. At CoinShares, we have built our products with trust and transparency in mind, and we are excited to collaborate with 3iQ, who share our vision and mission of making digital assets more accessible to investors of all types,” CoinShares CEO Jean-Marie Mognetti mentioned in the official press release.