First Canadian bitcoin mutual fund cracks $ 1 billion

3iQ’s Bitcoin mutual fund has risen 900 percent since October 2020 and is now breaking an important mark.

Canadian asset management company 3iQ has reached another milestone for its publicly traded Bitcoin mutual fund (QBTC)

The Bitcoin ( BTC ) -based mutual fund cracked the 1 billion US dollar mark on January 14, as 3iQ reported on Twitter . The QBTC was only launched in April 2020, which illustrates the rapid increase in value of the investment product all the more. In addition, the new brand represents an increase of 900% compared to October 2020 than it was 100 million US dollars recorded were.

As previously reported, 3iQ’s QBTC is the first publicly traded bitcoin mutual fund in Canada to trade on the Toronto Stock Exchange. The Gemini crypto exchange operated by the Winklevoss twins takes care of custody for the QBTC.

At press time, the Bitcoin mutual fund is valued at $ 48.63, an increase of 330% since it was listed in April when an entry level of $ 11 was viewed

3iQ is one of the largest wealth management companies in Canada. In January 2018, it became the first Canadian crypto mutual fund to be approved by the Ontario Securities and Exchange Commission and Canada. In February 2020, 3iQ has again teamed up with the block chain Startup Mavennet to a connected to the Canadian dollar Stablecoin bring out , which is regulated by the Canadian financial transaction supervision.

Shaun Cumby, a former top manager of 3iQ, is now CEO of investment firm Arxnovum that on January 11, in turn, an authorization for a Bitcoin index funds (ETF) with the SEC Ontario requested has. Gemini will also take over custody of this product.

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