Latest Cryptocurrency News:- The Toronto Exchange's Listing of the Bitcoin fund. What do you thing This will create a major impact on the cryptocurrency market? by Mini invest
On April 9, Canadian asset manager 3iQ announced that its efforts to launch a fund tied to Bitcoin (BTC) on the Toronto stock market had finally come to fruition after three years of continued legal disputes. As a result of this move, 3iQ has become the primary firm to release such an offering commercially on the exchange.
Currently trading under the name, “The Bitcoin Fund,” the offering has around 1.5 million Class A “QBTC.U” shares available on the Toronto stock market or TSX. At press time, each share is trading for around $12. the worth indexes getting used by the fund are from crypto data company CryptoCompare and VanEck Europe subsidiary MV Index Solutions. 3iQ is serving because of the fund’s investment and portfolio manager.
Following this news, a variety of prominent members from the worldwide crypto community came forth to precise their pleasure with the event. for instance, crypto investor and entrepreneur Tyler Winklevoss posted a tweet stating that the launch of 3iQ’s BTC Fund on TSX was a historic event, to mention the smallest amount.
However, The Bitcoin Fund is under the custody of the Winklevoss’s exchange Gemini, and thus Tyler and his brother Cameron are invested within the fund’s success. Lastly, TSX is Canada’s premier stock market, facilitating quite $97 billion worth of monthly trade.
Additionally, on the topic of how this latest offering will perform in today’s uncertain market conditions and why investor response in reference to BTC-based finance options has been somewhat lukewarm up so far, Winklevoss believes that contrary to public opinion, customer demand for regulated crypto products has been strong across the investing spectrum — be it the retail or institutional investor market. Not only that, he further opined that as time goes on, but the market demand for crypto offerings also will increase.
It is being reported that 3iQ spent the higher a part of three years negotiating with the Ontario Securities Commission before its request was finally granted for the Bitcoin fund to urge listed on TSX. The firm had originally filed its prospectus for The Bitcoin Fund all the way back in 2017.
According to 3iQ, its latest BTC-tied financial offering can essentially be viewed as a rules-based index that seeks to supply investors and casual crypto enthusiasts with a solid means of tracking Bitcoin’s performance via a number of premium crypto exchanges like Binance, Bitflyer, Bitstamp, Coinbase, Gemini, itBit, and Kraken.
The fund is closed-end in nature, and 3iQ has concluded the initial public offering of its units. during this regard, a complete of 1.5 million Class A units of QBTC.U shares are listed that represent a complete asset value of around $14 million.
To gain a far better understanding of a number of the challenges that lie ahead for publicly traded crypto funds, Alex Benfield, an analyst for Digital Assets Data — a fintech firm that builds enterprise-grade software and data feeds — told Cointelegraph that in his view, albeit the worldwide macro backdrop could also be improving for cryptocurrencies, it'll still be difficult for similar funds to urge listed on various exchanges within the foreseeable future. However, he does believe that public perception is warming up to the crypto market:
“The demand for BTC-based finance options has been lackluster thus far and has not lived up to previous hype. In market conditions like this, we might expect individuals to go away what they see as risky positions first as they move to create up cash reserves.”
Due to the very fact that Bitcoin remains widely considered a risky investment avenue, it might not be surprising to ascertain low market demand continuing within the near future without a prominent market narrative like Bitcoin being seen as a secure haven.
Earlier this year, 3iQ partnered with Mavennet to launch an ERC-20 stable coin pegged to the Canadian dollar — called QCAD. it's been reported that this new asset is going to be regulated by the Financial Transactions and Reports Analysis Center of Canada from June. during this regard, Benfield believes that the discharge of this new Canadian dollar-backed stable coin clearly shows that it's possible for crypto firms to figure with regulators to make certain crypto-based financial offerings:
“At now, we can’t extrapolate on whether governmental demand for these stablecoin type offerings has changed in the least. However, this stablecoin offering can act as a beacon to other countries that it's possible to digitize their financial instruments while not lowering the proverbial regulatory bar.”
The Toronto Exchange also has shared from other crypto-related ventures on its roster, including Bitcoin company Hut8, crypto bank Galaxy Digital, and Horizon — a scalable platform that permits users to make their own public or private blockchains. Not only that, but shares of 3iQ’s “Global Cryptoasset Fund” have also been trading on TSX NAVex since Q4 2018.
 |
| Toronto Stock Exchange listing the Bitcoin fund can this impact to the cryptocurrency market. |
On April 9, Canadian asset manager 3iQ announced that its efforts to launch a fund tied to Bitcoin (BTC) on the Toronto stock market had finally come to fruition after three years of continued legal disputes. As a result of this move, 3iQ has become the primary firm to release such an offering commercially on the exchange.
Currently trading under the name, “The Bitcoin Fund,” the offering has around 1.5 million Class A “QBTC.U” shares available on the Toronto stock market or TSX. At press time, each share is trading for around $12. the worth indexes getting used by the fund are from crypto data company CryptoCompare and VanEck Europe subsidiary MV Index Solutions. 3iQ is serving because of the fund’s investment and portfolio manager.
Following this news, a variety of prominent members from the worldwide crypto community came forth to precise their pleasure with the event. for instance, crypto investor and entrepreneur Tyler Winklevoss posted a tweet stating that the launch of 3iQ’s BTC Fund on TSX was a historic event, to mention the smallest amount.
However, The Bitcoin Fund is under the custody of the Winklevoss’s exchange Gemini, and thus Tyler and his brother Cameron are invested within the fund’s success. Lastly, TSX is Canada’s premier stock market, facilitating quite $97 billion worth of monthly trade.
Exposure to the cryptocurrency ecosystem for all
Speaking on the importance of this latest development, Gemini’s president Cameron Winklevoss told Cointelegraph that the listing of a publicly-traded Bitcoin fund on a serious stock market will function a crucial milestone for the industry as an entire — especially in reference to crypto being viewed as a legitimate asset class by the worldwide investment community.Additionally, on the topic of how this latest offering will perform in today’s uncertain market conditions and why investor response in reference to BTC-based finance options has been somewhat lukewarm up so far, Winklevoss believes that contrary to public opinion, customer demand for regulated crypto products has been strong across the investing spectrum — be it the retail or institutional investor market. Not only that, he further opined that as time goes on, but the market demand for crypto offerings also will increase.
A drawn-out negotiation process
It is being reported that 3iQ spent the higher a part of three years negotiating with the Ontario Securities Commission before its request was finally granted for the Bitcoin fund to urge listed on TSX. The firm had originally filed its prospectus for The Bitcoin Fund all the way back in 2017.
According to 3iQ, its latest BTC-tied financial offering can essentially be viewed as a rules-based index that seeks to supply investors and casual crypto enthusiasts with a solid means of tracking Bitcoin’s performance via a number of premium crypto exchanges like Binance, Bitflyer, Bitstamp, Coinbase, Gemini, itBit, and Kraken.
The fund is closed-end in nature, and 3iQ has concluded the initial public offering of its units. during this regard, a complete of 1.5 million Class A units of QBTC.U shares are listed that represent a complete asset value of around $14 million.
The road ahead should be rocky for BTC and crypto-related offerings
To gain a far better understanding of a number of the challenges that lie ahead for publicly traded crypto funds, Alex Benfield, an analyst for Digital Assets Data — a fintech firm that builds enterprise-grade software and data feeds — told Cointelegraph that in his view, albeit the worldwide macro backdrop could also be improving for cryptocurrencies, it'll still be difficult for similar funds to urge listed on various exchanges within the foreseeable future. However, he does believe that public perception is warming up to the crypto market:
“The demand for BTC-based finance options has been lackluster thus far and has not lived up to previous hype. In market conditions like this, we might expect individuals to go away what they see as risky positions first as they move to create up cash reserves.”
Due to the very fact that Bitcoin remains widely considered a risky investment avenue, it might not be surprising to ascertain low market demand continuing within the near future without a prominent market narrative like Bitcoin being seen as a secure haven.
Earlier this year, 3iQ partnered with Mavennet to launch an ERC-20 stable coin pegged to the Canadian dollar — called QCAD. it's been reported that this new asset is going to be regulated by the Financial Transactions and Reports Analysis Center of Canada from June. during this regard, Benfield believes that the discharge of this new Canadian dollar-backed stable coin clearly shows that it's possible for crypto firms to figure with regulators to make certain crypto-based financial offerings:
“At now, we can’t extrapolate on whether governmental demand for these stablecoin type offerings has changed in the least. However, this stablecoin offering can act as a beacon to other countries that it's possible to digitize their financial instruments while not lowering the proverbial regulatory bar.”
The Toronto Exchange also has shared from other crypto-related ventures on its roster, including Bitcoin company Hut8, crypto bank Galaxy Digital, and Horizon — a scalable platform that permits users to make their own public or private blockchains. Not only that, but shares of 3iQ’s “Global Cryptoasset Fund” have also been trading on TSX NAVex since Q4 2018.
0 Comments
Enter feedback it will help us to improve. Do not enter the spam comment