Canada’s first ever publicly traded Bitcoin fund has hit a major milestone, surpassing a $100mln market capitalization.
Digital asset management firm 3iQ shared the news on Twitter this week which was also followed up by a congratulatory message from Gemini Trust co founder Tyler Winklevoss. Gemini is the custodian of the fund’s Bitcoin holdings.
Big year for 3iQ
This latest milestone caps off what has been a massive year since the launch of The Bitcoin Fund on the Toronto Stock Exchange in April 2020 following receipt of the necessary permissions from the Canada’s securities regulatory authorities.
Shares in The Bitcoin Fund were launched under the ticker of QBTC.U on the Toronto Stock Exchange at an initial price of $10. Holders of the stock would gain exposure to Bitcoin and the daily price movements of the digital currency and gain the opportunity of long-term capital appreciation.
The Bitcoin Fund wrapped up its initial public offering and a merger with the 3iQ Bitcoin Trust on April 9 and at the time issued 1,491,800 ‘Class A Units’ or shares which were worth a total of $14mln at the time.
After the launch of the shares on the Toronto Stock Exchange, Winklevoss hailed the move as ‘the first public Bbitcoin fund listed on a major global stock exchange.’
In a previous press release in October 2019, 3iQ revealed that it had been in talks with the Ontario Securities Commission for over three years to flesh out the details of the fund, that would give investors the chance to invest in Bitcoin through a regulated, listed fund.
Fast forward six months and The Bitcoin Fund has now grown from a total market capitalization of $14mln to $102mln, according to the latest data on the QBTC.U share price.
The fund also incrementally issued more shares over the past six months, increasing from the original 1,491,800 shares to a total of 7,512,560 QBTC.U shares are currently trading at $16.97 at the time of publishing.