Investment Fund Manager 3IQ to List Bitcoin Fund on Major Canadian Stock Exchanges

Investment fund manager 3IQ stated on October 30 that it got a favorable ruling before a panel of the Ontario Securities Commission (OSC) for its Bitcoin Fund, taking note that the commission moved to guide the OSC Director to give a receipt for a final prospectus.  

“We have addressed the questions of pricing, custody, audit, and public interest issues in a regulated investment fund. We intend to refile the prospectus as soon as possible,” CEO Fred Pye said in an announcement.

3iQ asserts its entrant is “the first regulated, major exchange-listed” bitcoin fund globally – the caveat being that different companies have introduced comparable products that are unregulated or on smaller exchanges. In June, Swiss-based Amun AG introduced its exchange-traded product (ETP) utilizing the Bitwise 10 Select Large Cap Crypto Index as a benchmark on the Swiss SIX Exchange.

3iQ had been working side by side with the OSC’s Investment Funds and Structured Products Branch to make an investment fund permitting retail investors to join in a regulated and listed fund, as per Pye.

New York-based digital currency exchange Gemini Trust Company LLC will offer custody services to deal with the bitcoin in the fund.

3iQ collaborated with asset manager VanEck to build up an innovative bitcoin benchmark from VanEck’s MV Index Solutions, a regulated index provider in creating digital currency indices and information series.

VanEck pulled back its exchange-traded fund application to the U.S. Securities and Exchange Commission in January this year.

In April, 3iQ gained the rights to oversee First Block Capital’s funds, including the FBC Bitcoin Trust and FBC Distributed Ledger Technology Adopters ETF, while First Block has a key investment in 3iQ.