Toronto Stock Exchange's Bitcoin fund surpasses $100 million in net value! Traditional investors are rushing to buy at a premium.

The net asset value of the Bitcoin fund QBTC.U, which is publicly listed on the Toronto Stock Exchange, has surpassed $100 million. Traditional investors seem to remain optimistic about the future development of Bitcoin, as the trading price carries a premium of 17.5%. Buy on the dip seems to be the strategy.

QBTC Net Asset Value Surpasses $100 Million

According to a tweet published by the Canadian digital asset management company 3iQ on October 20th, the total net asset value of QBTC.U, the first Bitcoin fund listed on a stock exchange in Canada (Toronto Stock Exchange), has surpassed $100 million.

Team 3iQ celebrating the $100 million market cap milestone for the The Bitcoin Fund. Cheers to all of the QBTC.U unit holders! pic.twitter.com/18whTO4ZC7

— 3iQ Digital Asset Management (@3iq_corp) October 20, 2020

3iQ received approval from the Ontario Securities Commission (OSC) in November 2019 and officially launched this Bitcoin fund in April 2020. QBTC.U is a closed-end fund listed on the third largest exchange in North America - the Toronto Stock Exchange, with Bitcoin custody services provided by Cidel Trust Company and Gemini Trust. The Bitcoin fund debuted with nearly 1.5 million Class A shares.

Tyler Winklevoss, early Bitcoin investor and co-founder of Gemini, one of the fund's custodians, also congratulated 3iQ on this milestone.

Big Milestone. The #Bitcoin Fund by @3iq_corp that trades publicly on the Toronto Stock Exchange under $QBTC.U, just passed the $100 million mark. Onward!

— Tyler Winklevoss (@tyler) October 21, 2020

Trading Price Premium of 17.5%

As of the deadline, QBTC.U's total market value has increased by approximately 7.14 times compared to its launch in April this year; the price per share is now at 16.95, a 54% increase from the initial opening price. Furthermore, the fund currently has 7,512,560 shares outstanding, with a per-share value of 0.001124 BTC, indicating that the fund currently holds 8,444 Bitcoins.

It is worth noting that since August, QBTC.U's trading price has consistently been at a premium. At the time of writing, the fund's net asset value per share is only $14.4212, but the trading price per share has reached $16.95, a 17.5% premium, indicating strong bullish expectations among traditional investors for the future of Bitcoin.