The Bitcoin Fund currently has 7.51 million stocks outstanding, according to 3iQ. Following its 4.14% increase in the last 24 hours, its market cap surpassed $100 million.
A Major Milestone for 3iQ
On October 19th, 3iQ announced the trading launch of the Bitcoin Fund’s Class A Units on the Toronto Stock Exchange under the symbol “QBTC.”
Finally, Canadian investors have the opportunity to trade The Bitcoin Fund in their native currency and through their locally dominated accounts, thus eliminating the interminable costs and albeit hassle of converting currencies.
The day after the Class A Units commenced trading, The Bitcoin Fund saw a sharp rise in the stock price, causing its market cap to exceed $100 million and triggering reactions from industry representatives such as Gemini CEO Tyler Winklevoss, who called the developments a “big milestone” for the fund.
Institutional Demand Is Rising Overall
Institution-focused exchanges, futures markets, and funds, including 3iQ, are seeing a clear increase in appetite for Bitcoin.
“CME Bitcoin futures open interest rose sharply yesterday, adding nearly 1,500 contracts on the October expiry,” researchers at Skew wrote.
The rising open interest of CME’s Bitcoin futures is particularly optimistic given that CME’s Commitment of Trader report found that the number of long contracts held by institutions recently rose to an all-time high.
Coincidentally, since Square publicized the allocation of 1% of its capital to Bitcoin, the leading cryptocurrency has risen by more than 15% against the U.S. dollar.