Bitcoin
ByAuthor J.D. SmithPosted on
29
0

Digital asset manager behind Canada’s first BTC fund hopes to launch Bitcoin ETF

BY
img-ads

Investment fund manager 3iQ has partnered with Coinshares to launch a Bitcoin exchange-traded fund in Canada. 

According to an announcement from 3iQ, the firm has filed a final prospectus for a Bitcoin (BTC) exchange-traded fund, or ETF, with the securities regulatory authorities in each of the 10 provinces and 3 territories of Canada. Pending regulatory approval, trading for the ETF is expected to begin in early April on the Toronto Stock Exchange.

CoinShares CEO Jean-Marie Mognetti said the joint effort was aimed at “making digital assets more accessible to investors of all types.” The fund’s units will likely trade in U.S. dollars under the ticker “BTCQ.U” and Canadian dollars under the ticker “BTCQ.”

Canadian investment firms have largely taken the lead on launching crypto ETFs in North America given the U.S. Securities and Exchange Commission’s, or SEC’s, seeming reticence in approving a fund. Toronto-based Purpose Investments launched a Bitcoin ETF in February, and Ninepoint Partners is reportedly planning to change its Bitcoin trust offering to an exchange-traded fund as well. Evolve Funds Group also announced in March that it had filed a prospectus with Canadian regulators for approval to begin trading an Ether ETF.

3iQ was behind the launch of Canada’s first Bitcoin fund in April 2020. The fund has since reached more than $1 billion, with Coinshares and 3iQ having a combined $7 billion of assets under management.

“We have followed 3iQ’s incredible growth closely since they received a landmark decision in Canada to allow listed Bitcoin vehicles,” said Mognetti.

img-ads

Leave a Comment

Your email address will not be published.

You may also like

Bitcoin Business Tech
ByAuthor J.D. SmithPosted on
11
0

IRS authorized to access information on Circle’s crypto traders to nab tax cheats

BY

A U.S. federal court has granted authorization to the Internal Revenue Service, or IRS, to serve a John Doe summons to fintech firm Circle seeking all information on U.S. taxpayers who traded at least $20,000 worth of crypto assets on its platforms between 2016 and 2020.

The summons will apply to Circle Internet Financial Inc. including all “predecessors, subsidiaries, divisions, and affiliates, including Poloniex LLC.”

According to the Department of Justice’s announcement, Judge Richard Stearns concluded there is “reasonable basis for believing that cryptocurrency users may have failed to comply with federal tax laws.”

The document also notes the IRS “does not allege that Circle has engaged in any wrongdoing in connection with its digital currency exchange business,” adding:

“The summons seeks information related to the IRS’s ‘investigation of an ascertainable group or class of persons’ that the IRS has reasonable basis to believe ‘may have failed to comply…

View More Article
Bitcoin Tech
ByAuthor J.D. SmithPosted on
24
0

Bitcoin Cash antitrust suit dismissed with prejudice

BY

The founder of Bitcoin.com Roger Ver, and other high profile crypto figures including Kraken CEO Jesse Powell, have won a motion to dismiss an antitrust suit filed against them alleging market manipulation.

The amended complaint was filed by crypto company United American Corp in March 2020 against Ver, Powell, Bitmain Technologies and its CEO Jihan Wu, along with Bitcoin Cash developers Shammah Chancellor and Jason Cox.

The case has now been dismissed with prejudice due to a lack of evidence. The emphatic decision came after the district court threw out the initial complaint without prejudice in February 2020.

UAC’s initial complaint from December 2018 accused Ver, Wu, and Bitmain of colluding to manipulate the outcome of a Bitcoin Cash network upgrade scheduled for Nov. 15, 2018, when Bitcoin SV forked away from Bitcoin Cash.

The original complaint was thrown out due to a lack of personal…

View More Article
Bitcoin Markets Policy & Regulation
ByAuthor J.D. SmithPosted on
16
0

Messari: New Coinbase listings really do outperform rival exchanges

BY

Crypto analytics provider Messari has compiled a report concluding that the fabled “Coinbase effect” — the popular belief that new token listings on Coinbase tend to outperform launches on other exchanges — is true.

But the effect is far from consistent, and after controlling for outliers, it’s not as great as many assume.

Messari analyzed the performance of 28 new Coinbase listings over five days against 22 Binance listings, 19 FTX listings, 19 Gemini listings, 14 OKEx listings, and 11 Kraken listings over the same duration.

While the research found that listings on Coinbase had the highest average return at 91%, the effect was far from consistent. The 28 tokens performed anywhere from a 32% loss to a 645% gain after five days. By contrast, new tokens on other exchanges ranged from a roughly 25% loss to a 60% gain with the next best average gain overall…

View More Article
Bitcoin Policy & Regulation
ByAuthor J.D. SmithPosted on
18
0

Former SEC chair Jay Clayton tips new Bitcoin regulations are coming

BY

Former US Securities and Exchange Commission Chair Jay Clayton has stated that Bitcoin has not been classified as a security for a long time.

But speaking on CNBC’s Squawk Box on March 31, Clayton warned that its status as a non-security still does not protect it from the imposition of new regulations which, he warned, could be coming soon.

Host Andrew Ross Sorkin pointed out that under Clayton’s watch the SEC did not take a position on Bitcoin regulation. Clayton responded that was because the asset was declared not to be a security before he even…

View More Article
Bitcoin Markets
ByAuthor J.D. SmithPosted on
23
0

Canada’s Purpose Bitcoin ETF may be cutting into Grayscale’s market share

BY

For the first time, shares in Grayscale’s Bitcoin Trust traded at a discount compared to spot BTC for an entire month.

Rafael Schultze-Kraft, the CTO of on-chain analytics provider Glassnode, shared the observation to Twitter on April 1, noting shares in the institutional fund manager’s Bitcoin Trust had traded at a notional discount of -6% on average during March.

He noted the discount in Grayscale’s BTC shares has coincided with the launch of the Purpose Bitcoin ETF in Canada — which has accumulated 16,000 BTC worth roughly $940 million since launching in late February.

View More Article
Bitcoin Investment Tech
ByAuthor J.D. SmithPosted on
16
0

Mark Cuban owns 30% ETH because it’s ‘closest to a true currency’

BY

Billionaire Mark Cuban believes Ethereum is the closest thing we have to being a true currency and views Bitcoin as a better alternative to gold.

The Shark Tank and Dallas Mavericks co-owner made the comments as a guest on a recent episode of the Delphi Podcast, where he noted that the growth of DeFi and NFTs had made him excited about crypto. He explained that “smart contracts and the fact that they’re decentralized” means “there’s no one in charge right there, the governance is completely different. That’s what changed the game.”

In fact he compared the development of Ethereum’s smart contracts to the internet boom in the late ’90s and early 2000s:

“When the Internet started to happen, you started seeing all these applications that could disrupt things that happened in the analog world, like when we looked at streaming because I wanted to listen to Indiana University…

View More Article
%d bloggers like this: