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The Bitcoin Fund Completes IPO, Now Trading on Canada’s Leading Stock Exchange

News Feed - 2020-04-10 01:04:47

The Bitcoin Fund Completes IPO, Now Trading on Canada"s Leading Stock Exchange


The Bitcoin Fund, managed by 3iq, has completed an initial public offering and has begun trading on the Toronto Stock Exchange (TSX). It has been a long road for 3iq and The Bitcoin Fund since their filing was first rejected. After a hearing, a commissioner with the Ontario Securities Commission ruled in their favor.


Also read: Bitcoin Revolution: Wanna Earn $1,000 a Day? Government Warns About This ScamThe Bitcoin Fund Trading on TSX Exchange


Canadian investment fund manager 3iq Corp. announced on Thursday that The Bitcoin Fund has completed an initial public offering (IPO) and merged with 3iq Bitcoin Trust. Consequently, The Bitcoin Fund now has 1,491,800 outstanding class A units representing the total asset of approximately US$14 million. The class A units are available to all investors, the fund’s prospectus notes. 3iq, which acts as the investment manager and portfolio manager of the fund, elaborated just before trading began:The class A units will commence trading today on the Toronto Stock Exchange under the symbol QBTC.U.The 3iq Bitcoin Fund’s price chart on the TSX Exchange on April 9. The Bitcoin Fund, managed by 3iq, has completed an IPO and also merged with 3iq Bitcoin Trust.


Founded in 2012, 3iq currently focuses on digital assets, disruptive technologies and the blockchain space. The Toronto Stock Exchange (TSX), a wholly owned subsidiary of the TMX Group, is Canada’s largest stock exchange and the world’s 9th largest exchange by market capitalization.


The Bitcoin Fund’s investment objectives are to provide investors with “exposure to the digital currency bitcoin and the daily price movements of the U.S. dollar price of bitcoin” and “the opportunity for long-term capital appreciation,” 3iq detailed. Investing in The Bitcoin Fund is “appropriate only for investors who have the capacity to absorb a loss of some or all of their investment,” the company emphasized. This closed-end fund “will not speculate with regard to short-term changes in bitcoin prices,” according to the fund’s prospectus, which can be found here.How The Bitcoin Fund Calculates BTC’s Price


The Bitcoin Fund’s prospectus details that its bitcoin will be valued based on the MVIS Cryptocompare Institutional Bitcoin Index (MVBTC), which is maintained by MV Index Solutions GmbH (MVIS).


Cryptocompare independently announced on Thursday that the MVIS Cryptocompare Institutional Bitcoin Index has been licensed to 3iq Corp. for The Bitcoin Fund. This index intends to provide investors with a means to track the performance of bitcoin on selected top exchanges, including Binance, Bitflyer, Bitstamp, Coinbase, Gemini, Itbit, and Kraken, Cryptocompare described.The MVIS Cryptocompare Institutional Bitcoin Price Index is used to calculate the price of bitcoin for The Bitcoin Fund, managed by 3iq. It has been licensed to 3iq Corp.


3iq Corp. originally filed a preliminary prospectus for the IPO of The Bitcoin Fund with the Ontario Securities Commission (OSC)’s Investment Funds & Structures Projects branch (IFSP) in October 2018. However, the IFSP staff raised a number of concerns after reviewing it, arguing that the fund was not in the public interest of Canadians. This resulted in the IFSP director rejecting the fund’s prospectus in February last year. 3iq then requested a hearing and a review of this decision. OSC Commissioner Lawrence P. Haber later ruled that the staff’s concerns “do not warrant denying a receipt for The Bitcoin Fund’s prospectus,” and its IPO filing was subsequently approved.


What do you think of The Bitcoin Fund’s IPO on the TSX Exchange? Let us know in the comments section below.Hundreds of Darknet Listings Are Selling Masks and PPE Products for BitcoinNEWS | 12 hours ago


According to a recent research report written by the blockchain surveillance firm Elliptic, there’s been a massive influx of darknet… read more.New Wrapped Bitcoin Platform Allows You to Transact in BTC Using TezosNEWS | 2 days ago


On April 8, the Bitcoin Association Switzerland (BAS) announced the launch of a new wrapped bitcoin project called Tzbtc. The… read more.Tags in this story3iq, 3iq bitcoin, 3iq bitcoin etf, 3iq bitcoin fund, 3iq bitcoin fund canada, 3iq bitcoin stock, 3iq bitcoin trading, 3iq stock, bitcoin fund, bitcoin fund 3iq, bitcoin fund canada, bitcoin fund ipo, bitcoin fund toronto, bitcoin fund tsx, Bitcoin Investing, btc fund, Canada, crypto, Cryptocurrency, ETF, exchange traded fund, OSC, qbtc.u, the bitcoin fund, TSX


Image Credits: Shutterstock, Pixabay, Wiki Commons, 3iq, MVIS, TSX ExchangePurchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimer Show comments Please enable JavaScript to view the comments powered by Disqus.

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