June 14, 2021

Canadian Stock Exchange TSX Launches Bitcoin-ETP Trading

Canadian Stock Exchange TSX Launches Bitcoin-ETP Trading

The Toronto Stock Exchange (TSX) has added to its platform a new investment instrument worth $ 14 million, which provides investors with access to Bitcoin (BTC).

The Bitcoin Fund Launched by Canadian Investment3iQ Manager, approval of which was received in October 2019. A fund is an exchange-traded product (ETP) that reflects the growth dynamics of an individual market by tracking a specific underlying index.

As the name suggests, The Bitcoin Fund (ticker: QBTC.u) tracks the price of bitcoin (BTC) using a feed developed by MV Index Solutions (MVIS) and CryptoCompare, the leading provider of cryptocurrency data. It tracks the price of a cryptocurrency using the MVIS CryptoCompare institutional bitcoin index, based on the rules of the index, designed to increase the performance of BTC on individual cryptocurrency exchanges.

Exchanges include major platforms such as Binance, Bitstamp, Coinbase, Bitflyer, Gemini, itBit and Kraken.

“We are pleased that our InstitutionalThe Bitcoin Index is used as the base index for The Bitcoin Fund. We believe our digital asset indices are serving the growing demand for regulated products for investing in digital assets. ”“Said CryptoCompare product director Kyun Tran-Tan.

Like other ETPs, it will be of interest to investors,who either cannot or do not want to buy the underlying asset, but still want to increase its presence in their portfolios. In the case of Bitcoin and other cryptocurrencies, managing private keys can be quite complicated.

Investors can also use the fund toGet to know the asset class. According to Thomas Kettner, Managing Director of MV Index Solutions, the fund "will help strengthen the status of digital assets as an asset class."

Cryptocurrency related products have already been added to the Toronto Stock Exchange, including the Hut8 mining group and Galaxy Digital cryptocurrency bank.


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