- The world's first regulated Bitcoin ETF has arrived on the Gibraltar Stock Exchange.
- The ETF was created by Canadian company 3iQ Corp, who wished to secure greater exposure to the fund.
- The fund tracks the price of Bitcoin by using a special index made by VanEck Europe and CryptoCompare.
The Gibraltar Stock Exchange recently listed a new Bitcoin Fund belonging to the Canadian investment fund manager, 3iQ. The move will help 3iQ Corp with expanding its user base beyond Canada’s borders alone.
The first regulated Bitcoin ETF reaches Gibraltar Stock Exchange
The dedicated cryptocurrency fund is tracking the price of Bitcoin by using a specially developed index feed, which is the product of two companies — CryptoCompare and VanEck Europe. It was already available for trading on the TSX since April, and now, it found its way to Gibraltar.
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It is worth noting that 3iQ already manages two separate private investment funds. One of them is 3iQ Bitcoin Trust, while the other is 3iQ Global Cryptoasset Fund.
The listing on Gibraltar Stock Exchange has the goal of attracting retail investors, as its Bitcoin fund is one of the first regulated ones and exchange-traded funds in the world. With it being available on a regulated European exchange, there is nothing that would hold investors back and prevent them from accessing the fund.
The listing is even expected to allow investors to sell their shares, although only those who previously bought 3iQ shares in a private placement.
Listing the Bitcoin ETF is an excellent way for investors who can’t or won’t buy Bitcoin itself, to still get the ability to make some money off of the coin as an underlying asset. This will be especially useful for pension funds, sovereign wealth funds, and other entities that are restricted to only buying regulated, licensed products.
3iQ already ensured that it has an approval to offer its Bitcoin fund to investors in Canada, by gaining the license from the Ontario Securities Commission. To do this, it needed to address a number of questions, including the pricing, an audit, custody solutions, as well as public interest issues. The company now manages portfolios and investments itself, while another company — US-based crypto exchange Gemini — is in charge of custody.