3iQ Bitcoin Fund Reports C$1 Billion in BTC Under Management

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In Brief
  • 3iQ now holds more than C$1 billion [US$ 785 million] in bitcoin on behalf of its investors.

  • The firm's total bitcoin AUM has doubled since mid-December.

  • 3iQ offers exposure to BTC and ETH without requiring investors take custody of the assets themselves.

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The Trust Project is an international consortium of news organizations building standards of transparency.

Interest in bitcoin (BTC) investment funds continues to grow into the new year.



The bitcoin holdings of the Canadian digital asset manager 3iQ have surpassed CAD$1 billion [US$ 785 million] for the first time.

The news comes on the heels of increasing demand for similar cryptocurrency products. Grayscale Investments, for example, also ramped up bitcoin buying, citing increasing institutional interest towards the end of last year.



Canadian Digital Asset Manager Doubles Bitcoin Holding Value

The bitcoin fund of the Canada-based 3iQ Corp just surpassed a major milestone. The firm reported on Friday that it now holds more than C$1 billion [US$785 million] worth of BTC.

3iQ is the largest digital asset manager serving the Canadian market at present. It has more than doubled since mid-December, when it reported C$500 million [US$392.5 million] in total AUM.

With both its BTC fund and ETH fund traded on the Toronto Stock Market, 3iQ offers institutional investors exposure to digital assets in a fully-regulated manner. In this respect, the company provides a similar service to Grayscale Investments.

The news immediately follows 3iQ’s The Ether Fund starting to trade on the Toronto Stock Exchange. According to a press release published Thursday, the ETH investment product went live on Jan. 15.

A younger product than 3iQ’s The Bitcoin Fund, The Ether Fund is currently worth around US$150 million.

Interest in Bitcoin Investment Funds Growing

On Friday, BeInCrypto reported on massive bitcoin buying from Grayscale Investments. The US company added more than 4,700 BTC to its holdings in just 48 hours.

Grayscale’s bitcoin purchases have taken considerably more BTC off the market than miners created over the same period. The 2,612 bitcoin it bought on Jan. 14 represents around 2.9x the average of 900 BTC awarded to miners each day.

In Grayscale’s Digital Asset Investment Report for Q4 2020, the company highlighted surging demand from institutions. It stated that around 93% of capital inflows during the final quarter came from institutional investors.

The firm’s most popular product, the Grayscale Bitcoin Trust (GBTC), performed particularly well over 2020. It saw an average of $90 million a week invested during the year.

Coinciding with BTC price increases, interest in GBTC increased towards the end of the year. The company reported investments of an average of $271.1 million per week into GBTC during Q4.

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A former professional gambler, Rick first found Bitcoin in 2013 whilst researching alternative payment methods to use at online casinos. After transitioning to writing full-time in 2016, he put a growing passion for Bitcoin to work for him. He has since written for a number of digital asset publications.

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