The Canadian regulatory agency, the Ontario Securities Commission (OSC), has given its green signal to the Canadian crypto asset fund manager 3iQ to offer the country’s retail investors a chance to avail of the regulated and publicly-traded Bitcoin fund.
Offering a full exposure to Bitcoin, with the value moving in sync with Bitcoin price, the fund is a safe and legal way to invest in the most traded cryptocurrency in the world and has executed orders well over 800 million US dollars so far. Founded as the first-ever cryptocurrency hedge fund in 2012, the Bitcoin fund instantly gained prominence,
emerging as the most profitable hedge fund ever.
The 3iQ Bitcoin fund received the OSC approval on October 30, 2019, through a public hearing. The 3iQ Bitcoin fund is a Canada-based investment company that emphasizes on introducing innovative investment products with a current focus on disruptive technologies like cryptocurrencies and Blockchain. The OSC has directed issuance of a
formal authorization that allows 3iQ to list its closed-end Bitcoin fund on a prominent Canadian cryptocurrency exchange.
Following OSC’s three-year of painstaking scrutiny, 3iQ’s appeal was finally heard and agreed to. It was far from easy, said the 3iQ Chief Executive Officer and president, Fred Pye.
Earlier this year, Canada’s capital markets regulator had dismissed 3iQ’s proposal by questioning its suitability to amateur investors, a decision that was later appealed by 3iQ. In its defense, the investment fund manager asserted that all the products it would offer, including the custody, pricing, and audit of the fund, coupled with the Bitcoin it
purchases, will be fully compliant with regulations and totally secure. 3iQ also named the Winklevoss twins owned American cryptocurrency exchange platform, Gemini exchange, as the custodian of its Bitcoin fund. It will enable investors to buy and sell Bitcoin funds through traditional and discount brokers, besides making investments
eligible for tax-free savings accounts.
The net value of the fund would be published on an everyday basis and remain synchronous with the Bitcoin value held by the fund.
We are excited to offer a brand new asset class to our retail investors within registered and traditional investment accounts, said Howard Atkinson, Chairman of 3iQ, while extending gratitude to his legal and audit team for making the validation possible.