Canada’s first bitcoin public fund reached $100 million as the funds are up by 30% since the launch in April. Following today’s Bitcoin news, we are reading a closer look at the reports.
The Canadian digital asset manager 3iQ recorded a major milestone for Canada’s First bitcoin public fund. The fund listed on the major stock exchange surpassed the $100 million market cap threshold 3iQ according to the announcement tweeted a day ago. As previously reported, 3iQ launched its first Bitcoin fund back in April 2020 listing the funds’ shares QBTC.U on the Toronto Stock Exchange. At the launch, the BTC fund listed about 1.5 million Class A shares on the exchange so, with the conjunction of the market cap milestone, the Bitcoin fund shares have seen major growth since the launch. At publishing time, QBTC.U is trading at $15.80 which is an increase of about 30% from $11 when it was initially listed in April.
Big Milestone. The #Bitcoin Fund by @3iq_corp that trades publicly on the Toronto Stock Exchange under $QBTC.U, just passed the $100 million mark. Onward!
— Tyler Winklevoss (@tylerwinklevoss) October 21, 2020
At the launch, the Winklevoss twins claimed that it was the “first public Bitcoin fund listed on a major stock exchange.” Gemini’s exchange is providing crypto custodian services for the BTC funds. the 3iQ reportedly became the first crypto fund that is regulated by the Ontario Securities Commission and the Canadian Securities Administrators.
Gemini seems extremely tied to Canada’s crypto market while Wealthsimple Crypto is the first regulated crypto exchange in Canada which launched trading with custodial support from Gemini back in September. Operating as a regulated digital currency exchange and the custodian in the United States as Gemini listed the Canadian dollar back in August this year.
Over the past few days, we reported that Bitcoin’s dominance could peak in December since it is expected that the altcoin buying frenzy will start as well. Bitcoin saw a huge upswing in the past couple of days that brought a firm end to the consolidation phase while it is trying to confront its key resistance around $12,000. The level has been holding strong as the resistance and over the year, breaking this level was met with heavy selling pressure which catalyzed a massive selloff. Bitcoin was guiding the market over the past few weeks but the trend seems to be shifting as the altcoins sell-off was strong and Bitcoin saw a strong move higher as well. this is quite unusual as typically altcoins move together with BTC and the rest of the market.
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