3iQ’s Bitcoin QBTC fund has crossed a $ 1 billion milestone, with a 900% increase in market value since October 2020.
An important milestone
Canadian regulated digital asset manager 3iQ has recorded another major milestone of the public Bitcoin (BTC) fund.
The company announced on Twitter on January 14 that 3iQ’s Bitcoin Fund (QBTC) reached $ 1 billion. The new milestone marks QBTC’s parabolic growth after 3iQ launched the fund in April 2020. QBTC is now up 900% compared to the previous milestone of $ 100,000,000 recorded in October 2020.
As previously reported, 3iQ’s QBTC is Canada’s first publicly traded Bitcoin fund to be listed on a major exchange called the Toronto Stock Exchange. Gemini of Cameron and Tyler Winklevoss provides custody services for 3iQ’s QBTC.
QBTC.U is trading at $ 48.63, up 330% from $ 11 when it was listed in April.
One of the largest crypto companies
3iQ is apparently one of the largest cryptocurrency companies in Canada. In January 2018, it was reported that 3iQ was the first crypto fund regulated by the Ontario Securities Commission and Canadian Securities Managers. In February 2020, 3iQ partnered with blockchain startup Mavennet to launch a Canadian dollar-pegged stablecoin, which will be regulated by the Canadian Financial Transactions and Reports Analysis Center.
Shaun Cumby, former top manager of 3iQ, is also CEO of Arxnovum, a company that applied for a Bitcoin exchange-traded fund with the OSC on January 11.