June 16, 2024

3iQ receives regulatory approval to launch Bitcoin investment fund

Investment fund manager 3iQ has received approval from the Ontario Securities Commission (OSC) to launchBitcoin fund, which will be available on major Canadian stock exchanges.

The Bitcoin Fund is expected to appear onthe country's stock exchanges by the end of this year. According to Fred Pye, CEO of 3iQ, the Commission requested him to “submit the final draft” of the foundation.

“For the past 3 years, we have worked closely withOSC's investment fund and structured product division to create a fund that will allow retail investors to invest in bitcoin through a regulated environment at familiar sites, ”he said.

The launch of the Bitcoin fund will allow investorsinvest in this asset for the long term, while the bitcoins themselves will be provided by companies, including cryptocurrency exchanges. In addition, since the fund is closed, this makes it possible to invest in assets inaccessible to ordinary mutual funds.

Closed funds have some limitations -investors cannot withdraw their funds at any time. They can pick them up only at the net worth of assets once a year, or they can do it every month, but at a lower price.

“We solved the issues of price, storage, audit and interest for this fund. We will submit the final application for the launch of the fund in the near future, ”said Pai.

Additionally, it was recently reported that cryptocurrency investment bank Galaxy Digital will launch two new cryptocurrency funds as early as next month.