A fund focused on Bitcoin has launched on the Toronto Stock Exchange (TSX). According to reports, the fund was created to furnish investors with some access to Bitcoin on a fully authorized platform.
The new fund constantly tracks the price of Bitcoin via an index feed and allows these investors to buy shares and receive some exposure to the asset. The feed was developed via a partnership between crypto market data firm CryptoCompare and MV Index Solutions (MVIS).
Canadian investment firm 3iQ first received approval funds back in October 2019. At the time, the firm said that the Ontario Securities Commission (OSC) ruled in favor of the fund, adding that that crypto exchange and trust firm Gemini Trust Company LLC, will serve as a custodian for the fund.
The firm revealed that before this approval, it had been working on the fund with the OSC for over three years.
The new fund will have two categories of shares, Class A and Class F. The former is dedicated to all kinds of investors while class F is reserved for institutional investors. The TSX will only list Class A shares. The combined value of the Class A shares is $14 million, according to 3iQ president and CEO Fred Pye.
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