3iQ is one of the most prominent investment fund managers in Canada and once again, it is making news, not for anything bad though. The venture has entered its initial prospectus regarding its bitcoin fund. This is part of the goal for the initial public offering that it is planning, according to a release it made available on Thursday.
As reported on the 30th of October, the venture has been issued an initial approval which came from the Ontario Securities Commission. This will allow the enterprise to open the fund on the TSX Venture Exchange or even on the floor of the Toronto Stock Exchange later this year. One of the spokespersons of the venture clarified that the venture is working towards having its listing done on the Toronto Stock Exchange. Once that is in place, the plan is to start trading by the end of December or the beginning of January.
Working Towards Progress
In order to ensure these goals are achieved, the venture has been in a long series of discussions with the regulatory body. These discussions have been going on for as much as three years and this was according to the same representative who made everything clear. The initial public offer is being spearheaded by Canaccord Genuity Corporation and it is targeted at providing unitholders with the option of bitcoin and regular price movement. All these are all related to the performance of digital currencies when measured against the United States dollar.
The cryptocurrency fund has been described as a closed-end investment pool that has been established as a trust in the region of Ontario. The enterprise is going to function as the investment and portfolio manager of the fund itself. On the other side, the bitcoin that has been domiciled in the fund is going to be under the management of Gemini Trust Company LLC. The latter is a digital currency exchange that is based in New York City.
The venture is stating that the initial public offer is going to be a record holder in its own way. This is because it is expected to be the first regulated closed-end cryptocurrency exchange-traded product anywhere on the planet. But, there are some analysts who will disagree with this assertion and there are reasons for this. Amun AG of Switzerland has opened up different ETPs for not just bitcoin alone but several other digital currencies. These include XRP, BNB, and ether with all these occurring on the SIX stock exchange in 2018.
It is also instructive to point out that even though the venture finally got the nod of approval from the regulatory agency, it was not an easy feat at all. This was because earlier in February, its request for approval was rejected by the agency responsible for the regulation of all the markets in Canada. The request for approval at that time was also in relation to the launch of its regulated Bitcoin pool of funds.