Canadian digital asset manager 3iQ has recorded a serious milestone for its public Bitcoin [BTC] fund.
The Bitcoin Fund – Canada’s first Bitcoin fund listed on a serious stock market – has crossed the $100 Mln market capitalization threshold, 3iQ revealed within an official 20th Oct. tweet.
Tyler Winklevoss, a renowned cryptocurrency investor and a co-founder of U.S Gemini crypto exchange, congratulated 3iQ on the milestone.
As previously reported, 3iQ launched its Bitcoin fund in April 2020, listing the Bitcoin Fund’s shares (QBTC.U) on the Toronto stock market. At the launch, the Bitcoin Fund listed nearly 1.5 Mln Class A shares on the exchange.
In conjunction with a new market cap milestone, the Bitcoin Fund’s shares have seen significant growth since its launch. At the reporting time, QBTC.U is trading at $15.80 USD, up about 30% from $11 USD when it had been listed in April.
At the launch, Winklevoss claimed that it had been the “first public Bitcoin fund listed on a major stock market.” Winklevoss’s Gemini exchange is offering cryptocurrency custodian services for the Bitcoin Fund.
Earlier in January 2018, 3iQ reportedly became the primary crypto fund regulated by the Ontario Securities Commission and therefore the Canadian Securities Administrators.
Gemini seems closely tied to Canada’s cryptocurrency markest. Wealthsimple Crypto, the primarily regulated cryptocurrency exchange in Canada, launched trading with custodial support from Gemini earlier in September this year. Operating as a regulated digital currency exchange and custodian within the U.S., Gemini listed the Canadian dollar earlier in August 2020.