3iQ Will Offer White-Glove Investment Accounts For Wealthy Clients

The Bitcoin ETF issuer 3iQ will offer its wealthy clients a white-glove investment opportunity as new accounts and the accounts will custody BTC, ETH, and other assets with Gemini on behalf of the clients as we can see more in today’s cryptocurrency latest news.

The digital asset manager 3iQ will offer new services to its wealthy clients via its custodian Gemini and platform provider BITRIA that teamed up to offer these new crypto investment accounts. The managed accounts or SMA carries a $100,000 minimum which will be managed by 3iQ advisors on clients and behalf. Gemini will custody the assets and BITRIA provides the platform that will allow the clients and the advisors to gain access to the accounts.

This marks the first time that this Toronto-based investment manager has $3.3 billion assets under management that will launch a product with the US Subsidiary. The Canadian parent company launched in 2012 is responsible for the BTC and ETF spot ETFs, the Ether Fund, the Bitcoin Fund which all debuted on the Toronto Stock Exchange in 2020. 3iQ plans to offer even more portfolios with Bitcoin, Ethereum as an index that tracks the top 10 coins including tokens that are native to DeFi as a subset of assets that are used for non-custodial trading and lending. The accounts will not support meme coins or assets which haven’t been approved by Gemini like Solana’s SOL crypto. Dan Eyre as BITRIA CEO said:

“We as a platform, BITRIA, offer a subset of the assets that are available on Gemini. For example, like a Dogecoin or Shiba Inu–you know, the meme type of coins–we’re not really looking to build out support for those because they’re not usually suitable in this segment anyway.”

It’s better to fit for clients that assets go through a due diligence process before becoming available according to Chris Matta as the president of 3iQ’s US Subsidiary:

“Gemini has a very robust process and pipeline for adding assets. So as the space continues to mature and as additional assets get added, those will become available to our investors.”

Excited to announce the launch of Q-MAP, the 3iQ Digital Managed Account Platform in partnership with @Gemini and @BITRIA_Crypto (Yes… we had a virtual launch party)https://t.co/ufqaO92LQ1 pic.twitter.com/XuLBP96SzK

— Chris Matta (@chriscryptonite) December 7, 2021

Because the clients that own the assets are in their account, they will be able to use tax-loss harvesting for example BTC being down 20% over the past 30 days and an advisor will sell the asset and can replace it with similar investments that offset future gains with BTC losses. This is a feature that is not available to ETF or private fund investors but it is not unheard of. Matta said:

“We’ve seen other asset managers in the crypto space either do one-off SMAs for folks or we’ve seen some smaller startups do SMAs. But this is the first time a large crypto asset manager of the size and scale of 3iQ has launched a product like this.”