Institutional investors attack once again. 3iQ Corp reported that its Bitcoin fund exceeded CAD 1 billion in crypto holdings.
The Bitcoin Investment Fund of 3iQ Corp, the Canadian company listed on the Toronto Stock Exchange, reported reaching over CAD 1 billion in market capitalization.
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The achievement of 3iQ’s crypto bottom comes at a time when there has been an increase in demand for similar crypto products. In fact, previously in Crypt Trend we have reported how other companies, such as Grayscale, have experienced significant growth.
TSX:QBTC has one BILLION dollars of #bitcoin pic.twitter.com/YNeCwocaBF
– 3iQ Corp (@3iq_corp) January 15, 2021
This is how 3iQ’s Bitcoin fund passed an important milestone by having more than a billion Canadian dollars in BTC. It’s worth noting that 3iQ has mapped out a path to become the largest digital asset manager in the Canadian market.
The milestone occurred on January 14th, currently according to information on its website, the figure stands at CAD 945 million.
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Please note that 3iQ Corp’s Bitcoin fund is the first of its kind to be listed in Canada. In fact, the company worked approximately 3 years in dialogue with the Ontario Securities Commission before receiving approval for its fund.
Now, the crypto company offers institutional investors exposure to digital assets in a fully regulated manner through its BTC fund and its ETH fund.
In fact, the milestone comes after the company’s Ethereum Fund began trading on the Toronto Stock Exchange. Thus, being a much younger fund, it has a valuation of approximately USD 150 million.
The increase in the supply of crypto investment products is explained by an impressive increase in demand from institutional investors.
As previously reported in CryptTrend, Grayscale reported on Friday to have added over 4,700 BTCs to its holdings in just 48 hours. It’s worth mentioning that, in fact, Grayscale’s purchases of Bitcoin have caused the decrease in Bitcoin available in the market.
Therefore, it would be rational to think that this will be the first milestone of many coming for the Bitcoin crypto-bottom of 3iQ.