QBTC: 3iQ Bitcoin Fund On The TSX (Not An ETF)

Search volume for "QBTC stock" is higher than most people expect, and a lot of it comes from investors who assume it is an ETF. It is a fund, it is older than the cheaper ETFs, and it costs more. I rank it on facts rather than on price moves, so you will not find a live quote or a prediction on this page. For quotes, use your broker.

Part of my guide to crypto ETFs in Canada.

What Is QBTC And How Is It Different From Bitcoin?

QBTC is the CAD unit of The Bitcoin Fund, run by 3iQ. 3iQ's own page lists it as a closed-end fund with tickers QBTC (CAD) and QBTC.U (USD), launched in 2020, with Tetra Trust Company as custodian and Coinbase Custody Trust Company as sub-custodian (3iQ, The Bitcoin Fund). You own units of a fund, not bitcoin. You cannot withdraw coins to a wallet, and you cannot pay with units. In return, you can hold bitcoin exposure inside a TFSA, RRSP or other registered account through an ordinary brokerage, which you cannot do with coins on an exchange.

Is QBTC The Same As The 3iQ Bitcoin ETF?

No, and this is the most common mix-up. 3iQ also runs the 3iQ Bitcoin ETF under ticker BTCQ (CAD) and BTCQ.U (USD), which started on March 31, 2021, with a management fee of 1.00% and a published MER of 1.47% as of June 30, 2025 (3iQ, Bitcoin ETF). That is why my earlier "3iQ Bitcoin ETF" label for QBTC was wrong. The ETF structure lets units be created and redeemed against the underlying bitcoin, which is meant to keep the price close to the value of the holdings. A closed-end fund has a fixed pool of units, and the price can drift.

The last column multiplies each published MER (or, for QBTC, the management fee, because I could not retrieve a current MER) by $1,000. It leaves out brokerage commissions and the bid-ask spread. The gap is the point: holding QBTC for a year costs roughly six times what the BlackRock fund does on a published basis. See my full ranking in the best bitcoin ETFs in Canada, and the IBIT review for the lowest-cost one.

What Are The Risks Of A Closed-End Bitcoin Fund?

Three. First, the premium or discount: 3iQ's page warns investors that on an exchange they may pay more than the current net asset value when buying units, or receive less than it when selling. Second, fees compound every year, whether bitcoin rises or not. Third, concentration and custody: you rely on the fund's custodian and the issuer, not on keys you hold. None of that is a reason to avoid it. It is a reason to compare it with a cheaper ETF before you buy, since the ETF gives the same exposure for far less.

Is QBTC A Good Long-Term Investment?

I do not give investment advice and I do not make price predictions. What I can say from the published figures is that the fee is the one thing you know in advance. A 1.95% annual fee on a long holding takes a visible bite, so the case for QBTC has to rest on something other than cost. If your reason is registered-account access, the cheaper ETFs offer that too. If you also want to hold actual coins, my ranking of the best crypto exchanges in Canada starts with Coinbase, Kraken and Wealthsimple Crypto.

How Do You Buy QBTC Or A Canadian Bitcoin ETF?

1. Open a brokerage account that offers TSX listings. Wealthsimple, Questrade and the big bank brokerages all do. Open the account type you want, TFSA, RRSP or non-registered. Wealthsimple is number 4 in my ranking and charges $0 commission on stock and ETF trades.
2. Search the exact ticker. QBTC for CAD units, QBTC.U for USD units. Check that the fund name says "The Bitcoin Fund" and not an unrelated ticker.
3. Use a limit order. Thinly traded funds can show a wide bid-ask spread, and a limit order controls your price.
4. Keep the confirmation. You will need it for your cost base. The CRA wants records kept for six years.

How Is QBTC Taxed In Canada?

Units are treated like other fund units: selling at a gain or loss is a capital gain or loss, and inside a TFSA there is no tax on the gain. Inside an RRSP, withdrawals are taxed as income. Outside a registered account, the CRA's average cost rules apply to units you bought at different prices, which I walk through in my ACB guide. For bitcoin held directly, read the crypto tax guide.

How Do Premiums And Discounts Work On A Closed-End Fund?

A closed-end fund has a fixed number of units. The fund's net asset value, or NAV, is the value of the bitcoin it holds divided by the units. The market price of the units is set by buyers and sellers, so it can sit above NAV (a premium) or below it (a discount). With an ETF, authorized dealers can create or redeem units against the underlying holdings, which keeps the gap small. With a closed-end fund, that mechanism is weaker, so a gap can persist. If a unit trades at a 10% discount, you are buying bitcoin at a markdown, but you are also carrying the risk that the gap widens when you want to sell. 3iQ's own page warns of both sides of this. Always compare the market price with the published NAV before you place an order.

Should You Hold A Bitcoin Fund In A TFSA Or An RRSP?

3iQ lists QBTC as eligible for both. In a TFSA, gains are not taxed. In an RRSP, you get the contribution deduction now and pay tax when you withdraw. Which is better depends on your income and room, and I do not give personal advice. One practical point favours the registered route for any bitcoin product: it removes the record-keeping on every trade, since the account wrapper handles the tax result. Outside a registered account, units are subject to the CRA's average cost rules, which I explain in my ACB guide.

How Does Owning QBTC Compare With Buying Coins Yourself?

The fee figures on the right are the published trading fees from my fact file. They exclude spreads that some platforms do not publish, so treat them as a floor. See the fee comparison on a $1,000 trade for the full table.