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Winners The Bitcoin Fund (QBTC.TO) Canada’s first publicly traded bitcoin fund made sizable gains this week as demand for the cybercurrency grows as an inflation hedge. The Toronto-based fund has grown to about $400 million in market cap since it was launched in April by 3iQ Corp., a digital asset manager with about $735 million in assets under management. The stock got a boost with 3iQ’s announcement this week of a $150-million (U.S.) offering of additional Bitcoin Fund units. The value of bitcoin soared this year by 220 per cent, to more than $23,000 (U.S.), as bettors wager that inflation caused by pandemic government spending will devalue traditional currencies. Nuvei Corp. (NVEI.TO) A rising tide for tech stocks lifted shares of Montreal-based Nuvei, a leading online payments firm that went public in September. That initial public offering was the biggest tech IPO in Canadian history, eclipsing those of Shopify Inc. and BlackBerry Ltd., and raising about $900 million. The tremendous gains by tech stocks in a pandemic year, in which demand for online services has boomed, accounts for the remarkable strength of the stock market in the recession year 2020. The 17-year-old Nuvei now boasts a market cap of […]
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