Canadian asset manager set to offer trading of bitcoin fund in coming months

Bitcoin • November 28, 2019, 12:33PM EST
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Canadian asset manager 3iQ has filed a prospectus for a regulated fund tied to bitcoin, the firm announced Thursday morning. 

The closed-ended fund would offer investors "exposure to the digital currency bitcoin and the daily price movements of the U.S. dollar price of bitcoin," a press release noted. It could list on the Toronto Stock Exchange and commence trading as soon as the end of 2019, a spokesperson told CoinDesk. 

The new product joins a slew of funds that track the nascent commodity, including Grayscale's GBTC, which trades over-the-counter and mimics some of the functionalities of an exchange-traded fund. In Europe, Amun offers several exchange-traded products tied to cryptocurrencies that are similar to the 3iQ product. 

As for the 3iQ's new product, it has been in the works for several years, according to the firm. The companies have been working on the launch in tandem with the Ontario Securities Commission for three years. 

In October, 3IQ announced that it had received "favourable ruling" from the Ontario Securities Commission for its bitcoin fund.

AUTHOR

Frank Chaparro profile picture Frank Chaparro

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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