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Bitcoin ETF From 3iQ and CoinShares Tops C$1B AUM
"Reaching $1 billion in only three weeks speaks to the enormous market demand for bitcoin," said Fred Pye, CEO of 3iQ.
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
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
