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Canada’s 3iQ Corp. files for Bitcoin Fund IPO on Toronto Stock Exchange


Canada’s 3iQ Corp. files for Bitcoin Fund IPO on Toronto Stock Exchange

3iQ Corp, a Canadian Fund Manager received approval for The Bitcoin Fund from the Ontario Securities Commission.

Founded in 2012, 3iQ is a Canadian Investment fund manager for a multi-crypto asset investment funds to Canadian accredited investors. As of now, 3iQ manages the 3iQ Global Cryptoasset Fund, a private investment fund which holds the ether, Bitcoin and Litecoin. The fund is only eligible for the investment by accredited investors in Canada or in reliance on some other exemptions from the prospectus requirement, notes the announcement.

According to the announcement, the fund manager has listed the preliminary prospectus for its Bitcoin Fund, a development which is the first step towards an Initial Public Offering (IPO).

The filing for IPO involves both the Class A and Class F units, wherein each unit is priced at the cost of $10. This closed-end investment fund was firmly formulated as a trust, by abiding by the regulations existing within the Province of Ontario, Canada. The units will thus even be classified as an eligible, qualified investment.

The primary aim behind this initiative is to offer investors ample exposure to the Bitcoin, the world's largest cryptocurrency, which is slowly being recognized by many as a legitimate asset class. The Bitcoin Fund also provides the opportunity for long-term capital appreciation, says the announcement.

Canaccord Genuity Corp is leading the IPO efforts.

PC: Pablo, Pixabay

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Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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