The leading Canadian digital and Bitcoin assets management company, 3iQ, announced its decision to offer BTC CoinShares ETF. As of Monday, the company has more than $1.9 billion in assets – as many as 2.5 billion Canadian Dollar (CAD). On April 20, during its first day of trade in the Toronto Stock Exchange, the asset company closed its first offerings of the BTC ETF.
In USD, it will trade as BTCQ.U, while in CAD, as BTCQ. Fred Pye, the CEO of the Canadian company said, “today is yet another milestone for the 3iQ team, bitcoin enthusiasts, and investors across Canada.” He further added, “We are thrilled to be adding the 3iQ CoinShares Bitcoin ETF to our offerings and especially to partner with CoinShares.”
But it decided to keep the management fee for ETF at merely one percent, keeping the MER below 1.25 percent. For now, the Canada-based company plans to absorb any expenses over 0.25 percent. Yet, if the cumulative expenditure falls below this number, it would make the company with the lowest published MER on BTC ETF.
What’s 3iQ’s aim?
The company revealed that there were two objects behind their decision. First, give their clients exposure to the famous digital currency and the daily American dollar price of Bitcoin. Meanwhile, the second aim of the firm is for a long-term appreciation of capital.
Over the past few years, numerous investment firms have been trying to launch their bitcoin ETF, including Grayscale Investments, which revealed that it plans to convert its trust into an ETF.