Canadian asset manager set to offer trading of bitcoin fund in coming months
Canadian asset manager 3iQ has filed a prospectus for a regulated fund tied to bitcoin, the company introduced Thursday morning.
The closed-ended fund would offer traders “exposure to the digital currency bitcoin and the daily price movements of the U.S. dollar price of bitcoin,” a press unencumber famous. It may record at the Toronto Stock Exchange and start trading once the tip of 2019, a spokesperson instructed CoinDesk.
The new product joins a slew of finances that observe the nascent commodity, together with Grayscale’s GBTC, which trades over the counter and mimics some of the functionalities of an exchange-traded fund. In Europe, Amun provides a number of exchange-traded merchandise tied to cryptocurrencies which might be an identical to the 3iQ product.
As for the 3iQ’s new product, it’s been in the works for a number of years, in accordance to the company. The firms had been operating at the release in tandem with the Ontario Securities Commission for 3 years.
In October, 3IQ introduced that it had won “favourable ruling” from the Ontario Securities Commission for its bitcoin fund.