Bitcoin fund, QBTC, launched by Canada-based asset manager 3iQ has crossed $1 billion in market capitalization. It is the first public BTC fund of Canada.
900% Growth in Market Cap
The company behind the fund revealed on Twitter that QBTC had witnessed a growth of 900% in market capitalization since October. After launching in April 200, the Bitcoin Fund grew in a parabolic structure. In October 2020, it was hovering around $100,000, and currently, it is standing at $1 billion. In mid-December, the assets under management reached half a billion dollars.
3iQ is one of the biggest cryptocurrency companies in the country. Surprisingly, it is the first crypto fund in Canada regulated by both Canadian Securities Administrators and the Ontario Securities Commission. It was listed on the Toronto Stock Exchange, one of Canada’s major stock exchanges, for the first time.
Canada’s First Public Crypto Fund
The asset manager has played a crucial role in crypto adoption in the country by launching the first public crypto fund. A Blockchain company Mavennet made a collaboration with 3iQ in launching a Canadian dollar-backed stablecoin. However, it is yet to be registered from the “Financial Transactions and Reports Analysis Centre of Canada.”
The famous cryptocurrency exchange Gemini, operated by Winklevoss, is the official custodian of the Fund. Gemini is offering crypto custodian services to many crypto-related companies in Canada. For example, Gemini helped in the launching of Wealthsimple Crypto, Canada’s first regulated crypto exchange. On January 11, Arxnovum Investments filed an application for an exchange-traded fund (ETF), and Gemini was the first prominent crypto company that endorsed Arxnovum’s application.
3iQ’s QBTC was trading at $11 when it was listed on the exchange in April. At press time, it is trading at $48.63 after increasing by 330% since April.
Recently, prominent hedge fund manager Anthony Scaramucci-owned firm SkyBridge Capital came up with a crypto fund. The SkyBridge Bitcoin Fund LP has attracted more than $310 million so far. It is launched for wealthy investors who want cryptocurrency exposure as the minimum limit for investment stands at $50,000.
Scaramucci was critical of the top digital currency in the past. But veteran macro investors who turned towards Bitcoin also helped Scaramucci to understand the potential of Bitcoin. In his recent talk at CNN Business, he called the top-ranked cryptocurrency a “digital gold.” He further elaborated that the scarcity of Bitcoin is a good thing.