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Canada’s first public Bitcoin fund hits $1 billion

After October 2020, 3iQ's Bitcoin QBTC fund has raised its market cap by 900 percent, smashing a $1 billion milestone.

Another massive milestone for its public Bitcoin fund has been recorded by Canadian regulated digital asset manager 3iQ.

The Bitcoin Fund of 3iQ hit the $1 billion mark on January 14, the company announced on Twitter. After 3iQ launched the fund in April 2020, the new milestone demonstrates QBTC’s parabolic growth. QBTC is now up 900% from its previous $100,000 milestone recorded in October 2020.

3iQ’s QBTC, as previously reported, is Canada’s first public Bitcoin fund listed on the Toronto Stock Exchange, a global stock exchange. Custody services for 3iQ’s QBTC are provided by Cameron and Tyler Winklevoss ‘Gemini. QBTC.U is trading at $48.63 at publication time, up 330 percent from $11 when it was listed in April.

Apparently, 3iQ is one of Canada’s biggest crypto-currency corporations. 3iQ allegedly became the first crypto fund controlled by the Ontario Securities Commission and the Canadian Securities Administrators in January 2018. 3iQ has collaborated with blockchain company Mavennet in February 2020 to launch a stablecoin pegged to the Canadian dollar to be governed by the Financial Transactions and Reports Analysis Centre of Canada.

As reported, Shaun Cumby, 3iQ’s former senior executive, is now the CEO of Arxnovum, a firm that filed an application for a Bitcoin exchange-traded fund with OSC on January 11. The custody of the Arxnovum Bitcoin ETF will also be given by Winklevoss ‘Gemini.

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