Canada’s largest digital asset investment fund manager 3iQ Digital Asset Management (3iQ), has announced the launch of the 3iQ CoinShares Bitcoin and Ether Feeder ETF in Australia. The funds which are listed on Cboe this Monday will invest in Canadian-domiciled 3iQ CoinShares BTC ETF and ETH ETF.
The new launch of Bitcoin and Ether ETF leverage 3iQ’s expertise in managing investment funds in crypto.
It’s an exciting day for @3IQCorpUS ! Today we officially announced the launch of the 3iQ Digital Managed Account Platform (Q-MAP) with our partners @Gemini and @BITRIA_Crypto. Check out the press release here: https://t.co/lWr6H8tWnp #Bitcoin #crypto #institutional pic.twitter.com/CL8dPK0o6c
— 3iQ Digital Assets (US) (@3IQCorpUS) December 7, 2021
Bitcoin and Ethereum price tracking
The two ETFs will provide exposure to daily price movements of the U.S. dollar price of Bitcoin and Ethereum and the opportunity for long-term capital growth.
According to the announcement, the company is aiming to opt for the lowest fee structure available in Australia for both funds, with a total management expense ratio of 1.20%. Moreover, 3iQ is also offering a 3-month management fee waiver. Company’s CEO and Chairman Fred Pye stated that many Australian investors “are eager to invest in cryptocurrency but have found it cumbersome and daunting to-do… Now, thanks to BT3Q and ET3Q, we’re able to help investors navigate and understand the evolving digital asset space with investment solutions that provide exposure to cryptocurrencies in the same easy-to-use and secure ETF structures they’re accustomed to.”
As the underlying ETFs invest in long-term holdings of BTC and ETH purchased from 3iQ- vetted OTC trading counterparties and BTC/ETH exchanges. This leads to a convenient and simple alternative to direct investment for investors. The announcement reads:
“An investment in the 3iQ Australian ETFs eliminates the need for investors to set up digital asset wallets in order to obtain exposure to bitcoin and ether and provides them with an institutional quality custodian solution to oversee crypto security protocols.”
With approximately $1.8 billion in assets under management, 3iQ is Canada’s first and largest digital asset investment fund manager. ETFs based on bitcoin and ether were launched in Canada in April and December 2020. Notably, as TheCoinRise reported, Fidelity Investments launched Spot Bitcoin ETF in Canada in December last year.
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