Home CryptocurrencyBitcoin Regulated Bitcoin Fund to Potentially Go Live on Toronto Stock Exchange

Regulated Bitcoin Fund to Potentially Go Live on Toronto Stock Exchange

by Alan Daniel

A substantial announcement hails from the neighbor to the north of the United States. Canada, with its burgeoning crypto community has recently noted movement into the bitcoin sector. The firm, 3iQ Corp (3iQ), is an investing institution that focuses on emerging technologies within the world today.

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3iQ has seeks to venture into the bitcoin and digital asset sector and has recently made significant progress in moving its proposal forward. The firm made a presentation before the Ontario Securities Commission (OSC) and expects to see a positive response to the fully regulated Bitcoin Fund proposal.

The collective investment model will have a fixed amount of shares that will likely not be redeemable from the fund. Again, this fund will have a fixed number of shares, like the total units present in bitcoin. More importantly, users should note that excess demand from such a fund will not generate new shares to accommodate new buyers.

Fredy Pye, President, and CEO of the 3iQ commented: “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.”

Pye further notes how he and the firm looked at various critical conditions such as pricing, custody, audit, and public interest issues associated with a regulated investment fund. In addition, the 3iQ will partner with Gemini and Cidel Trust to custody digital assets.

It seems that they must take a few more steps before they can finalize and bring the fund to fruition.

Not the First Public Retail Bitcoin Offering

The proposed bitcoin fund is one that is undoubtedly one to applaud as it progresses and becomes open to the public.

But it is essential to note that entities such as Grayscale’s Bitcoin Investment Trust (GBTC). Grayscale is the same firm behind the “Drop Gold” campaign that created a stir in the online world for quite a while.

The fund allows people to quickly gain exposure to bitcoin through a medium they know without having to go through all the steps.

Further, investors must realize that shares usually run at a premium. Investors will undoubtedly pay more to obtain exposure to a bitcoin by opting to allocate value to GBTC.

More options are welcome in this sector as it will allow more investors to participate and easily gain exposure to bitcoin.

Funds continue to slowly flow to bitcoin and the digital asset sector as more trusted financial infrastructure is created within the industry.

3iQ and managing partners at the firm aim to release the offering within the year.

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