The Toronto Stock Exchange (TSX) has listed a $14 million closed-end fund that gives investors exposure to bitcoin

According to a press release, Canadian investment manager 3iQ has launched The Bitcoin Fund, for  which it received the green light to in October 2019, on the TSX this Thursday, April 9. The fund works as an exchange-traded product (ETP) as it gives investors exposure to its underlying asset.

The Bitcoin Fund (ticker: QBTC.u), as the name suggests, tracks the price of bitcoin (BTC) using a feed co-developed by MV Index Solutions (MVIS) and leading cryptoassets data provider CryptoCompare. It tracks the price of the cryptocurrency using the MVIS CryptoCompare Institutional Bitcoin Index, a rules-based index meant to rack BTC’s performance on selected crypto exchanges.

These exchanges include top names like Binance, Bitstamp, Coinbase, Bitflyer, Gemini, itBit, and Kraken. Quynh Tran-Thanh, Chief Product Officer at CryptoCompare, said:

We are delighted to see our Institutional Bitcoin Index used as the underlying index for The Bitcoin Fund. We believe that our robust Digital Asset Indices will continue to service the growing demand for regulated digital asset investment products.

As other ETPs, its attractive for investors who either can’t or don’t want to buy the underlying asset, but still want to add exposure to it to their portfolios. When it comes to bitcoin and other cryptocurrencies, managing private keys can be rather hard.

Traditional investors may also use the fund to become more familiar with the asset class. 3iQ reportedly sent three year working with the Ontario Securities Commission’s Investment Funds and Structured Products Branch to create The Bitcoin Fund.

In the press release Thomas Kettner, Managing Director at MV Index Solutions noted that the fund will “help to strengthen the status of digital assets as an asset class.” It’s worth onting the Toronto Stock Exchange has listed cryptocurrency-related companies, including BTC minig group Hut8 and crypto merchant bank Galaxy Digital.

Featured image via Pixabay.