Canada’s ‘Bitcoin Fund’ Available to Trade on Fidelity and IBKR in the US


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Canada’s ‘Bitcoin Fund’ Available to Trade on Fidelity and IBKR in the US

The Canadian Asset Manager 3iQ launched a closed-fund – ‘The Bitcoin Fund’ listed on the Toronto Stock Exchange as QBTC on 9th April. The ‘Bitcoin Fund‘ has listed around 1,491,800 shares of Class A “QBTC.U” shares available on the Toronto Stock Exchange or TSX with a market capitalization of around $16.3 million. Presently, the per-share price of QBTC is $10.95.

The Fund will hold custody and other long-term investments in Bitcoin to provide investors with a convenient alternative to a direct investment in bitcoin. The price indexes being used by the fund are from crypto data company CryptoCompare and VanEck Europe.

Reportedly, the fund is available to trade in the US via Fidelity and Interactive Brokers Group, Inc. Tyler Winklevoss, the founder of Gemini and an early Bitcoin investor tweeted,

‘The Bitcoin Fund’ launched by @3iq_corp on the Toronto Stock Exchange can now be purchased via @Fidelity and @IBKR

The International Stock and Currency Trading option on Fidelity allows for the purchase of ‘common stocks and ETFs’ and some class A and B shares listed in international markets which include Canada. IBKR (Interactive Brokers Group, Inc.) is another U.S. based electronic trading platform managed by the Interactive Group LLC. brokers.

‘QBTC’ is a closed-ended fund similar to Grayscale’s GBTC fund. Currently, GBTC can be traded through a brokerage firm, and it is also available within tax-advantaged accounts like IRAs or 401(k)s.

The price of these funds depends upon the number of shares issued, assets held to back up the fund and the premium on their purchase. The asset under management of the GBTC fund as of 14th April 2020 is $2.1 billion with around 0.00096381 BTC per share priced at $7.33 at press time.

 The price of Bitcoin at 5: 30 hours UTC on 15th April 2020 is $6923.
How do you think the Bitcoin fund on-ramps will help in ETF approvals? Please share your views with us. 
Author: Nivesh Rustgi
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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Nivesh Rustgi 1180 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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