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Gibraltar Stock Exchange lists new Bitcoin Fund

A new Bitcoin (BTC) fund by Canadian investment fund manager 3iQ has been listed on the Gibraltar Stock Exchange.

Image by Makalu from Pixabay

Thu, 01 Oct 2020, 07:55 am UTC

Cryptocurrency investors now have one more option to choose from. The Gibraltar Stock Exchange has just listed a new Bitcoin fund by a Canadian investment fund manager.

On Tuesday, the Gibraltar Stock Exchange announced the listing a new Bitcoin fund by 3iQ Corp, according to Bitcoin.com. 3iQ is a Canada-based investment fund manager focusing on crypto assets and new technologies.

The exchange explained that the cryptocurrency fund tracks the price of Bitcoin using a special index feed. This feed was developed by asset management firm Vaneck Europe and crypto market data provider Cryptocompare.

The newly listed 3iQ regulated BTC fund has already been trading on the Toronto Stock Exchange since April 2020. However, it’s listing in the Gibraltar Stock Exchange is also the fund’s first entry in the European market. 3iQ said in a statement that the fund is geared towards retail investors who have “access to Bitcoin without the burden of buying and safekeeping coins.”

3iQ president and CEO Fred Pye explained that the fund’s listing on the Gibraltar exchange places it within reach to certain players such wealth and pensions funds, which might otherwise face restrictions when buying licensed, regulated, and exchange-listed instruments. “Being listed on the Gibraltar Stock Exchange extends the reach of the bitcoin fund within the burgeoning European digital assets market,” Pye said.

Gemini, the cryptocurrency exchange based in the U.S., provides custody to the Bitcoin of the fund. Aside from the product newly listed on the Gibraltar exchange, 33iQ also manages the 3iQ bitcoin trust and the 3iQ crypto asset fund.

The listing follows the recent launch of GSX Group’s Grid, which is “a venue to create and deploy debt securities, funds, and equities as ‘smart securities’ in tokenized form.” GSX is Gibraltar Stock Exchange's parent firm.

Gibraltar is known for as a crypto-friendly jurisdiction making it ideal for cryptocurrency businesses. Gibraltar Stock Exchange’s CEO Nick Cowan welcomed the inclusion of 3iQ’s financial product saying that the listing of “innovative asset classes,” such as the Bitcoin fund, will “in turn lead to increased adoption”.

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