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Canada-based fund manager files prospectus for Bitcoin Fund IPO

3iQ, a Canadian fund manager, announced that it has listed preliminary prospectus for its Bitcoin Fund in relation to an upcoming initial public offering of Class and Class F units.

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Fri, 29 Nov 2019, 06:33 am UTC

Canada-based investment fund manager 3iQ has announced that it has listed its preliminary prospectus for The Bitcoin Fund in preparation for an upcoming initial public offering (IPO). The IPO is for the Class A and Class F units priced at $10 apiece.

In a press release published on Thursday, Nov. 28, 3iQ outlined two key objectives that this new listing will do. First is the attempt to expose unitholders to digital currencies and the daily price movement of bitcoin against the U.S. dollar. Second is the “opportunity for long-term capital appreciation.”

With this maneuver, Canadians will be able to invest in bitcoin through a regulated listed fund, with 3iQ spearheading the investment and portfolio department. Meanwhile, Canaccord Genuity Corp will be overseeing the IPO and New York-based cryptocurrency exchange Gemini Trust Company LLC will act as the custodian for the bitcoin fund.

Trading to start in the next couple of months

3iQ told CoinDesk that it has been working to push the offering for the better part of three years. A representative also told the crypto publication that they’re planning to list on the Toronto Stock Exchange, with trading is expected to start by the end of the year or early January 2020. However, 3iQ did point out the preliminary prospectus relating to the securities is still subject to scrutiny.

“A preliminary prospectus dated November 27, 2019, containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada other than Quebec.

“The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from Canaccord Genuity Corp. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued,” 3iQ said.

A flimsy regulatory framework

As for the regulatory landscape of the crypto industry in Canada, there’s still no solid legal framework put in place. This has led to blockchain companies putting pressure on legislators to expedite the creation of the framework as its absence is stunting the growth of the rapidly-growing industry.

However, regulators are taking their time to craft these restrictions due to several obstacles including poor cooperation from financial institutions and auditing firms. Canada has seen a lot of high-profile crypto cases in its border when two major crypto exchanges went belly up due to the misappropriation of funds.

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