Canada's Scotiabank Launches Multi-Crypto ETF With 3iQ

Scotiabank, one of Canada's five largest banks, has entered the multi-asset crypto ETF space through Dynamic Funds, its asset management arm, in partnership with digital asset specialist 3iQ. Trading on Cboe Canada under the ticker DXMC, the liquid alternative fund launched Wednesday and gives Canadian investors regulated exposure to Bitcoin, Ether, Solana, and XRP within a single product.

What Is the Dynamic Active Multi-Crypto ETF?

The Dynamic Active Multi-Crypto ETF is an actively managed fund that bundles four major cryptocurrencies — Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP — into one regulated exchange-traded product. Rather than purchasing and custodying tokens on individual cryptocurrency exchanges, investors can access all four assets through a single fund traded on a conventional stock exchange. Bloomberg ETF analyst Eric Balchunas described the launch as highly competitive from a fee standpoint.

Dynamic said it cut the annual management fee from 0.45% to 0.25%, a promotional rate that will remain in place until March 1, 2027. Multi-asset crypto ETFs have grown in popularity because they reduce the complexity of managing several separate digital-asset positions while keeping investors within the familiar structure of a regulated financial product.

Canada's Head Start in Crypto ETF Markets

Canada established itself as a global leader in crypto ETFs well before the United States moved on the asset class. While American regulators approved spot Bitcoin ETFs only in early 2024, Canada had already built a mature market spanning spot Bitcoin and Ether funds listed on exchanges including the Toronto Stock Exchange and Cboe Canada.

3iQ played a foundational role in that development, launching one of the world's first publicly traded spot Bitcoin funds in Canada in 2021 — years ahead of the U.S. Securities and Exchange Commission's approval of comparable products. That fund surpassed 1 billion Canadian dollars in assets under management, a significant milestone in Canada's comparatively smaller ETF market.

Highly competitive from a fee perspective.

— Eric Balchunas, Bloomberg ETF Analyst

What Does the 3iQ Acquisition Mean for Investors?

The launch arrives alongside a major ownership shift at 3iQ. Japanese cryptocurrency exchange Coincheck agreed to acquire 3iQ for $111.84 million, with the deal expected to close in the second quarter of 2025. The transaction brings an Asian crypto exchange group into direct ownership of one of North America's most established digital-asset fund managers, potentially broadening 3iQ's product distribution and institutional reach.

For investors in the new DXMC fund, the acquisition signals continued institutional backing for 3iQ's operations during a period of elevated demand for regulated multi-asset crypto products across global markets.