Bitcoin Canada’s first public fund reaches $1 billion

3iQ’s QBTC fund has grown 900 percent in market capitalisation since October 2020, breaking the $1 billion mark.

Bitcoin Canada’s first public fund reaches $1 billionNOTÍCIAS
Canadian Digital Asset Administrator 3iQ has recorded another major milestone in its Bitcoin Public Fund (BTC).

On 14 January, 3iQ’s Bitcoin Fund (QBTC) reached the $1 billion mark, the company announced on Twitter. The new milestone demonstrates QBTC’s parabolic growth after 3iQ launched the fund in April 2020. QBTC is now 900% above its previous milestone of US$100,000 in October 2020.

As previously reported, 3iQ’s QBTC is Canada’s first public Bitcoin fund listed on a major stock exchange, the Toronto Stock Exchange. Cameron and Tyler Winklevoss ‚Gemini provide custody services for 3iQ’s QBTC.

At the time of publication, QBTC.U is trading at US$48.63, up 330% from US$11 when it was listed in April.

3iQ is apparently one of Canada’s largest cryptomotic companies. In January 2018, 3iQ allegedly became the first cryptomorphic fund regulated by the Ontario Securities Commission and Canadian Securities Administrators. In February 2020, 3iQ also partnered with blockchain startup Mavennet to launch a stablecoin pegged to the Canadian dollar that will be regulated by Canada’s Financial Transactions and Reporting Centre.

Former senior executive of 3iQ, Shaun Cumby, is now also the CEO of Arxnovum, a company that on January 11 entered an OSC application for a Bitcoin exchange-traded fund. Winklevoss ‚Gemini will also provide custody for Arxnovum’s Bitcoin ETF.