The $ 14 million Bitcoin fund passed …

$ 14M Bitcoin Fund Listed on the Toronto Stock Exchange

A closed-end investment fund that allows investors to access bitcoin on a par with regulated asset classes, has been listed on the Toronto Stock Exchange (TSX). As the Canadian asset manager 3iQ said, a tool called “The Bitcoin Fund” starts trading on TSX this Thursday..

The fund operates by selling shares to investors reflecting changes in the value of the underlying asset. To determine the price of bitcoin, an index is used, jointly developed by the European division of VanEck and CryptoCompare. The fund’s shares are divided into two classes: “A” for all investors and “F” for financial institutions. Only class “A” is represented on the TSX. 3iQ CEO Fred Pye told CoinDesk that the total value of the “A” class shares is about $ 14 million.

The 3iQ bitcoin fund is primarily aimed at investors who cannot or do not want to own bitcoins, but are interested in the possibility of making money on changes in the cryptocurrency exchange rate.

The $ 14 million Bitcoin fund passed ...

“It’s hard to launch such a unique proposition when investors are concerned about their health and capital protection,” Pai said. “However, long-term purchasing power protection is exactly what Bitcoin is for.”.

3iQ said it had been in dialogue with the Ontario Securities Commission for over three years to get permission to launch the tool. TSX is the largest stock exchange in Canada. It already lists the shares of the mining company Hut 8 and the cryptocurrency trading bank Galaxy Digital, as well as the “blockchain ETF” Horizon.

The $ 14 million Bitcoin fund passed ...

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