TORONTO--(BUSINESS WIRE)--3iQ Corp. (3iQ), a Canadian investment fund manager focused on disruptive technologies and the digital asset space, announced today it has received a favourable ruling from its public hearing before a panel of the Ontario Securities Commission (OSC) regarding The Bitcoin Fund (the Fund). The OSC panel has directed the OSC Director to issue a receipt for a final prospectus of the Fund, a closed-end bitcoin fund that is expected to be listed for trading on a major Canadian stock exchange.
“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,” said Fred Pye, President & CEO of 3iQ. “We have addressed the questions of pricing, custody, audit, and public interest issues in a regulated investment fund. We intend to refile the prospectus as soon as possible as the next step in bringing this ground breaking fund to investors.”
“We look forward to offering retail investors exposure to this exciting new asset class within registered and traditional investment accounts” said Howard Atkinson, Chairman of 3iQ. “The performance and professionalism of our legal team at Osler and our audit team from Raymond Chabot Grant Thornton was critical to getting support from the panel.”
3iQ has had support from its partners over the past three years, including the development of an innovative bitcoin benchmark from VanEck’s MV Index Solutions, a regulated index provider and leader in developing cryptocurrency indices and data series.
“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.
Gemini Trust Company LLC, a New York based cryptocurrency exchange and trust company, will act as custodian of the bitcoin in the Fund. “We are pleased to have selected Gemini as our digital asset custody solution in partnership with the Cidel Trust Company. The exceptional support from their teams has helped our Bitcoin Fund become a reality,” said Shaun Cumby, CIO of 3iQ.
“3iQ has carefully selected a team of professional partners with expertise in the digital asset industry to construct a safe and secure fund product for the Canadian market, and we are excited to be selected as their custodian,” said Cameron Winklevoss, President of Gemini. “As a New York Trust company we are required to store digital assets in a trusted, safe and compliant manner and will employ those principles to help 3iQ manage this innovative fund.”
3iQ expects to syndicate the offering as soon as possible and hopes to have the Fund listed and trading this quarter.
About 3iQ Corp.
3iQ is a Canadian investment fund manager focused on providing innovative investment products. 3iQ currently manages two digital asset funds including the 3iQ Bitcoin Trust and the 3iQ Global Cryptoasset Fund, two private investment funds which hold bitcoin only and bitcoin, ether and litecoin respectively. These funds are eligible for investment by accredited investors in Canada or in reliance on other exemptions from the prospectus requirement. Founded in 2012, 3iQ is currently focused on disruptive technologies and the digital asset and blockchain space. For more, visit www.3iQ.ca.
About MV Index Solutions – A VanEck Company
MV Index Solutions develops, monitors and markets the MVIS Indices, a focused selection of pure-play and investable indices designed to underlie financial products. They cover several asset classes including hard assets and international equity markets as well as fixed income markets.
MVIS is the index business of VanEck, a US-based investment management firm and provider of the VanEck Vectors ETFs. Approximately USD 13.58 billion in assets under management are currently invested in financial products based on MVIS Indices. Many of those products are the largest in their investment category. MVIS also develops and maintains customized indices for third parties that aim to track specific investment themes.
Founded in 1955 by John C. van Eck, VanEck was among the first U.S. investment managers to help investors achieve greater diversification through global investing. Van Eck International Investors Gold Fund was launched in 1968 and was the first U.S. gold fund. Today the firm continues its tradition of responding to the needs of investors by offering innovative investment strategies in emerging markets equity and fixed income, natural resources and commodities, gold and precious metals, liquid alternatives, and other specialized, global asset classes. VanEck has offices around the world and manages approximately USD 50 billion in investors' assets.
Gemini Trust Company, LLC is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store cryptocurrencies such as bitcoin, bitcoin cash, ether, zcash, and litecoin. Gemini is a New York trust company that is subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the New York Department of Financial Services and the New York Banking Law. Gemini was founded in 2014, by brothers Cameron and Tyler Winklevoss, to build a bridge to the future of money. For more information, visit https://gemini.com/custody to learn about Gemini Custody and our other institutional products and services.
Nick de Pass