3iQ Corp, a Canadian investment fund manager recently got its Bitcoin Fund listed on the Gibraltar Stock Exchange. The crypto fund launched this April and tracks the price of Bitcoin, the world’s largest digital currency.
A move to expand its investor base
3iQ listed its Bitcoin Fund in Gibraltar in order to expand its investor base outside of its home country of Canada. The dedicated crypto fund has been trading on the TSX since April. It uses the price of Bitcoin on an index feed co-developed by CryptoCompare, a market data provider and a subsidiary of VanEck Europe.
The company is already managing two private investment funds, namely- the 3iQ Bitcoin Trust and the 3iQ Global Cryptoasset Fund. The fund started as a private placement which is available only to accredit and institutional investors based in Canada.
Pioneers in regulated Bitcoin fund trading
The filing makes 3iQ one of the first firms that will be able to offer its regulated and exchange-traded Bitcoin funds on a regulated European regulated exchange. The company wants to make its fund more attractive to European retail investors. If deemed effective, it would also provide investors who purchased 3iQ shares during the private placement to sell them on the open market.
The exchange-traded product will provide investors a chance to get exposure to Bitcoin without buying real Bitcoins. This helps them get the value of Bitcoin without directly engaging with the technology. The fund is non-redeemable and aims to provide capital appreciation to the users with a long-term holding strategy.
Fred Pye, President, and CEO of 3iQ said that the pension funds, sovereign wealth funds, and other reputable financial institutions that could not otherwise get access to the Bitcoin market, can now start investing in the asset with the publicly listed fund.
“Being listed on the Gibraltar Stock Exchange extends the reach of The Bitcoin Fund within the burgeoning European digital assets market, and continues the groundswell of momentum that has defined 3iQ’s exciting progress during the first half of 2020,” he added. The fund is already available to Canadian investors after receiving approval from the Ontario Securities Commission.