More bitcoin funds = more exposure for Bitcoin = more money entering the market = happier bitcoin holders
I like the fact that they have chosen Winklevoss' Gemini company as custody provider and it's good that they don't have to go through the heavy bureaucracy of the SEC. That's why people should move up there to Canada haha I think US are really to tight regarding their rules and they should be considering the fact they are in a huge debt.
Topic: Canadian Fund Manager to List Bitcoin Fund on Major Stock Exchange (Read 161 times)
October 31, 2019, 01:10:38 AM
That's one example of a company that is really focused on the right things. I saw their "About" on their website and it's stated there that they are investing in innovative products. They are an investment fund btw. I do like the idea of them having other cryptocurrencies as well, Ethereum and Litecoin. Maybe that's their next focus to have them on a Major Stock Exchange as well. This is going to be an exciting quarter, and we will see how this affects on Bitcoin's price in the market.
This can be a big good news for many who are clamoring for more legally-compliant and regulatory-approved infrastructure that can be enticing more institutional investments to come to Bitcoin. With 3iQ on board, the "first regulated, major exchange listed Bitcoin fund in the world" can be coming true. I am hoping this can be some ripple effects in the overall Bitcoin marketplace and can be inviting more platforms to also follow the lead.
October 31, 2019, 01:03:00 AM
There are two important aspects of the news,
1. It is a physically settled fund. It means, the investments will be redirected to the market and physical bitcoins and other cryptos will be bought as per the pre specified allocation. So the market gets liquidity.
2. It is a closed ended fund. It means, once an investor invests in it, the fund will be locked for a specific period of time and the investor would not be able to withdraw it. That is very significant because it will reduce the short term speculative actions on crypto market coming from this fund. Buying and selling will be done at a specific interval.
Great news for the crypto market!
1. It is a physically settled fund. It means, the investments will be redirected to the market and physical bitcoins and other cryptos will be bought as per the pre specified allocation. So the market gets liquidity.
2. It is a closed ended fund. It means, once an investor invests in it, the fund will be locked for a specific period of time and the investor would not be able to withdraw it. That is very significant because it will reduce the short term speculative actions on crypto market coming from this fund. Buying and selling will be done at a specific interval.
Great news for the crypto market!
October 31, 2019, 12:56:04 AM
I cannot see if it is a cash or asset settled investment option? They say that Gemini would hold custody of the bitcoins and VanEck would develop the solution for them, so it is backed by some reputable financial institutions. 
I wonder if VanEck has given up on trying to get their proposals approved by the SEC in the USA and trying to take this to Canada to see if it has a future there. I think it is a good partnership and the Canadian government is more open-minded than the SEC.
Hope they succeed with this.
I wonder if VanEck has given up on trying to get their proposals approved by the SEC in the USA and trying to take this to Canada to see if it has a future there.
I think it is a good partnership and the Canadian government is more open-minded than the SEC. Hope they succeed with this.
October 31, 2019, 12:11:24 AM
That's one example of a company that is really focused on the right things. I saw their "About" on their website and it's stated there that they are investing in innovative products. They are an investment fund btw. I do like the idea of them having other cryptocurrencies as well, Ethereum and Litecoin. Maybe that's their next focus to have them on a Major Stock Exchange as well. This is going to be an exciting quarter, and we will see how this affects on Bitcoin's price in the market.
Reference:
https://3iq.ca/3iq-corp/3iq-bitcoin-fund-receives-favourable-ruling-from-osc-panel/
Reference:
https://3iq.ca/3iq-corp/3iq-bitcoin-fund-receives-favourable-ruling-from-osc-panel/
October 31, 2019, 12:02:41 AM
Canadian investment fund manager 3iQ received initial approval on its long road to launch a closed-end bitcoin fund on the Ontario Stock Exchange later this quarter.
The firm said on Wednesday that it received a favorable ruling before a panel of the Ontario Securities Commission (OSC) for the Bitcoin Fund, noting the commission moved to direct the OSC Director to issue a receipt for a final prospectus.
“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,” CEO Fred Pye said in a statement.
More about it by clicking here HERE.
The firm said on Wednesday that it received a favorable ruling before a panel of the Ontario Securities Commission (OSC) for the Bitcoin Fund, noting the commission moved to direct the OSC Director to issue a receipt for a final prospectus.
“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,” CEO Fred Pye said in a statement.
More about it by clicking here HERE.
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