Alternative Investments/Digital: CoinShares And 3iQ Join Hands For BTC ETF

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The 3iQ CoinShares Bitcoin ETF will be listed on the Toronto Stock Exchange.

Asset manager Coinshares is partnering with 3iQ for the launch of the 3iQ Coinshares Bitcoin ETF. The move follows a strategic investment by CoinShares in 3iQ.

The ETF is expected to trade on the Toronto Stock Exchange from early April under the symbols “BTCQ.U” (in US dollars) and “BTCQ” (in Canadian dollars). 3iQ will act as the investment and portfolio manager of the ETF. (ETF Express)

Lowering the barriers to entry for digital assets

Jean Marie Mognetti, CEO of CoinShares, said: “While global banks are beginning to explore making bitcoin investment products available to their wealthiest clients, at CoinShares, our mission is to provide investors with a variety of options to facilitate investment in digital assets by lowering barriers to entry. In 2015, CoinShares was the first firm in the world to offer regulated, publicly listed exchange-traded products that allowed investors to obtain exposure to bitcoin in their portfolios. With inflows into digital asset investment funds exceeding USD6 billion in the first quarter of 2021, and global AUM reaching a new record of USD 55 billion, our team at CoinShares believes digital assets will continue to grow as more investors look for cost-efficient vehicles to access this exciting new asset class. We are actively exploring new ways we can partner with exceptional firms like 3iQ to pursue our mission of making digital assets more accessible to both retail and institutional investors.”

US approval of a bitcoin ETF is still uncertain

While Canada allowed trading in bitcoin ETFs since February, the SEC in the U.S. is still to approve the instrument.

Pending applications include from VanEck, Fidelity, Skybridge Capital, Bitwise, and the New York Digital Investment Group (NYDIG).

Meanwhile, in a blog post on Monday, Grayscale Investments said it was “100% committed” to converting its Grayscale Bitcoin Trust (GBTC) into an ETF.

GBTC is the largest regulated bitcoin fund in the U.S. with assets of $38.8 billion.

Related Story:   Grayscale Trains Its Sights On Morphing GBTC Into An ETF

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