Canadian investment manager 3iQ has seen its public bitcoin (BTC) fund, which is listed on the Toronto Stock Exchange, hit a new milestone after it surpassed the $100 million market cap.

The fund, called The Bitcoin Fund, is Canada’s first bitcoin fund listed on a major stock exchange, and 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.

The price of BTC is tracked using the MVIS CryptoCompare Institutional Bitcoin Index, a rules-based index meant to track BTC’s performance on selected crypto exchanges. These exchanges including Binance, Bitstamp, Coinbase, Gemini, Kraken, and Bitflyer.

3iQ’s bitcoin fund was launched in April of this year. At the time, the fund listed nearly 1.5 million Class A shares on the Toronto Stock Exchange. Since launch QBTC.U’s shares are up over 30% from $11 when they were listed in April, to $16.8 at press time.

Tyler Winklevoss- cofounder of the prominent Gemini cryptocurrency exchanged, congratulated the fund on reaching the $100 million market cap. He said:

It’s worth noting that Gemini is offering cryptocurrency custodian services to the Bitcoin Fund. As other ETPs, the fund is 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.

Featured image via Unsplash.