Canada gets the firs regulated Bitcoin fund following approval
|- Canada’s 3iQ Corp has been working on the product for three straight years.
- Trading The Bitcoin Fund is expected to start later in the Q4.
A leading investment fund manager in Canada, 3iQ Corp has been given a go-ahead by the Ontario Securities Commission (OSC) to offer “The Bitcoin Fund” as a tradable asset on a major local stock exchange.
In regard to the approval, Howard Atkinson, Chairman of 3iQ said:
“We look forward to offering retail investors exposure to this exciting new asset class within registered and traditional investment accounts.”
The development is a breakthrough for 3iQ Corp as it has been working on bringing the product to the market for the last three years. Among the partners, it has been working with is VanEck and Gemini Trust Company LLC which has been tasked with proving custody services for the fund.
“We were pleased to work closely with 3iQ in both the development of the index and in working with the regulators to address their concerns. We are obviously impressed with the determination and persistence of our Canadian partners,” said Jan van Eck, CEO of VanEck.
The next step for 3iQ is to syndicate the offering. Listing and trading on the stock exchange is expected to commence later in the current quarter.
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