Canadian investment fund manager 3iQ has filed the preliminary for its bitcoin fund as the subsequent stage toward an initial public offering (IPO), the firm stated on November 28.
As reported last October 30, the company has gotten an initial endorsement from the Ontario Securities Commission to introduce the reserve on either the Toronto Stock Exchange or the TSX Venture Exchange later this year.
A spokesperson said that the company hopes to list on the Toronto Stock Exchange and start trading late December or early January.
3iQ has been in discussions with the watchdog over the offering for three years, the spokesperson stated.
The IPO, being headed by Canaccord Genuity Corp., is designed to offer unit (bundles of warrants and stock) holders with an introduction to bitcoin and the daily price movements of the digital currency against the U.S. dollar.
A closed-end investment fund, the bitcoin fund is established as a trust in the territory of Ontario. 3iQ will go about as the venture and portfolio manager of the fund, while bitcoin in the fund will be managed by New York-based digital currency exchange Gemini Trust Company LLC.
The company claims the IPO would be the “world’s first regulated closed-end bitcoin exchange-traded product.” Be that as it may, there have been comparable product launches previously. Swiss Amun AG has introduced a few ETPs for bitcoin and different digital currencies—including ether, XRP, and BNB—in the last year on the SIX stock exchange.