A closed-end fund tied to bitcoin has been listed on the Toronto Stock Exchange

Exchanges • April 9, 2020, 1:38PM EDT
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Canada’s first fund tied to bitcoin has been listed on the Toronto Stock Exchange (TSX).

Canadian asset manager 3iQ in Nov. 2019 filed a prospectus for a regulated fund tied to bitcoin, appropriately dubbed The Bitcoin Fund. It is a closed-end fund aimed to add  "exposure to the digital currency bitcoin and the daily price movements of the U.S. dollar price of bitcoin," according to a previous press statement.

On Thursday, the fund listed 5,000,000 Class A shares on the TSX at $10 per share. It utilizes the institutional bitcoin index developed by VanEck Europe subsidiary MV Index Solutions and cryptocurrency market data firm CryptoCompare. 

Similar to an exchange-traded product (ETP), the fund will expose shareholders to movements of bitcoin’s price over time. 

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Yilun Cheng profile picture Yilun Cheng

Yilun joined The Block in November 2019. She has a policy background and extensive experience in reporting and writing. She has worked on stories ranging from business to politics.

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