Canadian Investment Firm 3iQ Files Prospectus for Bitcoin Fund
Joeri Cant's original article for cointelegraph.com reduced by 72%
Canadian investment fund manager 3iQ hopes to attract Canadian retail investors with its regulated, publicly-traded Bitcoin fund. In a press release on Nov. 28, 3iQ announced that it had filed a preliminary prospectus for its close-end Bitcoin fund, which is expected to be available on the Toronto Stock Exchange later this year.
The Toronto-based company revealed that 3iQ filed the prospectus for the Bitcoin fund in relation to an initial public offering of Class A and Class F units at $10 each. Pye, who previously worked as senior VP at Fidelity Investments Canada, added that retail investors have been showing a great deal of enthusiasm for 3iQ's Bitcoin fund, as the investments will also be eligible for Canadian registered retirement savings plans and tax-free savings accounts. 3iQ appealed a negative ruling by Canada's markets regulator In February, the Ontario Securities Commission ruled against 3iQ's proposal to launch its regulated Bitcoin fund.
The firm appealed the decision and ultimately won approval from Canada's markets regulator to launch its BTC fund. "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..
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