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3iQ to list bitcoin fund on major Canadian stock exchange after favourable ruling from OSC

Thu, 31 Oct 2019, 09:49 am UTC

3iQ, a Canadian investment fund manager, has received the green light from the Ontario Securities Commission (OSC) for its bitcoin fund.

Founded in 2012, 3iQ currently manages two digital asset funds including the 3iQ Bitcoin Trust and the 3iQ Global Cryptoasset Fund, two private investment funds which hold bitcoin only and bitcoin, ether and litecoin respectively.

After the decision of Raymond Chan, Acting Director of the OSC’s Investment Funds & Structured Products Branch, to refuse to issue a receipt for the prospectus of 3iQ’s The Bitcoin Fund was published in February this year, the company filed an application for Hearing and Review of the Decision of the OSC Director in March.

During a recent public hearing before an OSC panel, 3iQ has now won a favourable ruling for its closed-end bitcoin fund. The panel has also directed the OSC Director to issue a receipt for a final prospectus of the fund.

In a press release, 3iQ said that it expects the fund to be listed for trading on a major Canadian stock exchange.

“Over the past three years, we have worked actively with the OSC’s Investment Funds and Structured Products Branch to create an investment fund that we hope will allow retail investors the benefits of investing in bitcoin through a regulated, listed fund,” said Fred Pye, President & CEO of 3iQ.

“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 as the next step in bringing this ground breaking fund to investors.”

Gemini Trust Company, a New York-based cryptocurrency exchange and trust company, will act as custodian of the bitcoin in the fund.

“3iQ has carefully selected a team of professional partners with expertise in the digital asset industry to construct a safe and secure fund product for the Canadian market, and we are excited to be selected as their custodian,” said Cameron Winklevoss, President of Gemini.

3iQ further revealed that it is developing an innovative bitcoin benchmark in partnership with VanEck’s MV Index Solutions, a regulated index provider and leader in developing cryptocurrency indices and data series.

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