During the week, the firm marked the milestone achievement of $1 billion USD in the fund. Since its launch in April 2020, the fund has seen exponential growth. Since October, when 3iQ bagged its previous record of $100 million USD worth of cryptocurrency in the fun, the firm has boasted monumental growth of over 900%.
— 3iQ Corp (@3iq_corp) January 15, 2021
Bitcoin bullish and crypto funds increasing
3iQ’s Bitcoin fund (QBTC) is the first public fund listed in Canada on the Toronto Stock Exchange and stands as one of several cryptocurrency funds which have enjoyed the rally.
As one of the largest cryptocurrency firms in Canada, 3iQ has also partnered with blockchain startup company Mavennet. This, with the intention of releasing a stablecoin backed and regulated by the Financial Transactions and Reports Analysis Centre of Canada. The stablecoin, pegged to the Canadian dollar, would stand as a cryptocurrency designed to avoid the volatility the digital asset industry might face.
Other funds in the cryptocurrency and financial industry have been breaking records from this recent bull rally. As reported, New York-based Grayscale saw a record-breaking fourth quarter with a $3.3 billion USD inflow of cryptocurrency. As it stands, Grayscale has accumulated approximately 3% of all Bitcoin supply that is in circulation at the moment. Over the past several months, institutional firms including Grayscale, MicroStrategy, and Square have been aggressively adding to their cryptocurrency funds. Analysts and cryptocurrency traders have suggested that this fresh wave of institutional investors is a major factor in what’s driven – and more importantly, held – Bitcoin’s price to break record prices over the past year.