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Author Topic: Canadian Regulator Green-Lights Bitcoin Fund IPO  (Read 164 times)
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December 01, 2019, 12:41:31 PM
 #1

https://news.bitcoin.com/canadian-regulator-green-lights-bitcoin-fund-ipo/

Quote
Crypto-focused Canadian investment fund manager 3IQ Corp. announced on Thursday that it has filed a preliminary prospectus for the IPO of The Bitcoin Fund. More importantly, the prospectus dated Nov. 27 has been receipted by the Ontario Securities Commission (OSC) after previously rejecting it. The IPO will offer two classes of units at $10 each.

The Bitcoin Fund is a closed-end investment fund established as a trust under Ontario’s laws, the company explained, adding that “the units will be an eligible qualified investment for registered investment accounts.” The fund’s investment objectives are to provide investors with long-term capital appreciation and exposure to bitcoin and its daily price movement in USD, the announcement details.

In other words this is a listed investment trust devoted to bitcoin.

Now we wait to see if all the hedge funds and so on decide to buy shares to get exposure to bitcoin in a regulated way.

 
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December 02, 2019, 01:37:08 AM
 #2

Nice, this is the kind of adoption that really make impact in the market. If major hedge funds will do this then we might expect good prices. Slowly regulators are seeing the light side of Bitcoin as an investment for institutional investors.
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December 02, 2019, 02:33:48 AM
 #3

The Bitcoin Fund is a closed-end investment fund established as a trust under Ontario’s laws, the company explained, adding that “the units will be an eligible qualified investment for registered investment accounts.” The fund’s investment objectives are to provide investors with long-term capital appreciation and exposure to bitcoin and its daily price movement in USD, the announcement details.

In other words this is a listed investment trust devoted to bitcoin. Now we wait to see if all the hedge funds and so on decide to buy shares to get exposure to bitcoin in a regulated way.

We are seeing many good developments with introduction of different platforms that can pave the way for institutional investors to be adopting Bitcoin and cryptocurrency. Just like the introduction of Bakkt, we should never expect that the response for this Bitcoin Fund can be amazing as things can start minimal but will eventually be picking up later. This IPO is a good sign that we are slowly moving into the right direction. Amidst the negative reaction to the crackdown by China on cryptocurrency-related business operations within its territory, we should get our attention to other countries who are bringing us better news that can be serving the long-term potential of this digital asset.
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December 02, 2019, 05:41:45 AM
 #4

Well, this already paves the way for a lot of investors to become exposed to BTC, they just have to take a small step right now. When compared to the past of BTC investment, this already shows a promising involvement, unlike when BTC had a serious amount of risks that are involved in it when investing. Plus, this could bring positive development with crypto replacing fiat currency right now. We can only wait and see if it manages to bring the results we want though.

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December 02, 2019, 06:28:42 AM
 #5

I believe that the company (3IQ) has sought the approval of the securities regulators and that the application for the benefits of the investment basis is mainly submitted to the public.

There are also remaining steps to complete before the final prospectus is received


Particularly, Commissioner Haber’s order reveals that the final prospectus would include additional information regarding the offering such as pricing information and details regarding underwriters. The order further states:

The admission (issue a receipt for the fund’s prospectus unless new evidence was found to warrant a rejection*) has been under pressure and proving that the cryptocurrency market is large enough. "Real trading volume in the markets."

* Source ---> https://news.bitcoin.com/canadian-regulator-green-lights-bitcoin-fund-ipo/

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December 02, 2019, 03:35:22 PM
 #6

I am really surprised to see this news coming from Canada! If I am not wrong, Canada's central bank has already imposed a banking ban on crypto related assets! At the same time, a company dealing with cryptos are getting nod to list in national stock exchange! We have seen few instances where Canadian ban has freezed bank accounts of users for allegedly dealing in cryptos. So really confused about this U-turn!

If things are changing for good, then it's a positive news for us! But at the same time, the users need to be extra cautious!

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December 03, 2019, 03:06:32 PM
 #7

If appears many state's around the world are deregulating crypto in an effort to boost economic, GDP and job numbers. The united states however, is denied this option, across the board, in a unilateral fashion. It makes zero sense for american lawmakers and regulators to hate on crypto sectors which provide so many economic and financial benefits. Their end goal would appear to be repressing innovation and progress within their own financial sphere.

Europe has crypto based ETFs while canada enjoys bitcoin IPOs.

File for either in the united states and you'll be 100% denied as it would seem our own leaders are opposed to our nation enjoying the success which crypto offers.

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December 03, 2019, 03:10:49 PM
 #8

https://news.bitcoin.com/canadian-regulator-green-lights-bitcoin-fund-ipo/

Quote
Crypto-focused Canadian investment fund manager 3IQ Corp. announced on Thursday that it has filed a preliminary prospectus for the IPO of The Bitcoin Fund. More importantly, the prospectus dated Nov. 27 has been receipted by the Ontario Securities Commission (OSC) after previously rejecting it. The IPO will offer two classes of units at $10 each.

The Bitcoin Fund is a closed-end investment fund established as a trust under Ontario’s laws, the company explained, adding that “the units will be an eligible qualified investment for registered investment accounts.” The fund’s investment objectives are to provide investors with long-term capital appreciation and exposure to bitcoin and its daily price movement in USD, the announcement details.

In other words this is a listed investment trust devoted to bitcoin.

Now we wait to see if all the hedge funds and so on decide to buy shares to get exposure to bitcoin in a regulated way.
I think this is a fairly normal investment fund because their purpose is still to make profit for investors and there is no reason to oppose it. In my country, many of these mutual funds have been opened and they only trade bitcoin to make a huge profit and the government has no idea.
I fully support this new type of mutual fund and I hope that in the future many of these mutual funds will be established to create an interesting playground in the crypto market. What do you think ? Our market will grow strongly, right?

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December 04, 2019, 10:44:29 AM
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 #9

Quote
The Bitcoin Fund is a closed-end investment fund

Yawn. Closed-end generally means the unit capital is fixed and additional shares won't be issued after the initial offering. Basically, investors can only buy a piece of the existing trust. No share issuing and redemption like the ETF applications we've seen.

Open-ended funds are more interesting since high demand for the securities would warrant the trustee issuing new shares. To do so, they would need to buy the underlying BTC on the open market, driving spot prices upwards.

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December 04, 2019, 03:26:32 PM
 #10

This is positive news. The typical mutual fund investors will gradually incorporate Bitcoin into their portfolios which will help the value and bring it to the masses.
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December 04, 2019, 04:37:48 PM
 #11

https://news.bitcoin.com/canadian-regulator-green-lights-bitcoin-fund-ipo/

Quote
Crypto-focused Canadian investment fund manager 3IQ Corp. announced on Thursday that it has filed a preliminary prospectus for the IPO of The Bitcoin Fund. More importantly, the prospectus dated Nov. 27 has been receipted by the Ontario Securities Commission (OSC) after previously rejecting it. The IPO will offer two classes of units at $10 each.

The Bitcoin Fund is a closed-end investment fund established as a trust under Ontario’s laws, the company explained, adding that “the units will be an eligible qualified investment for registered investment accounts.” The fund’s investment objectives are to provide investors with long-term capital appreciation and exposure to bitcoin and its daily price movement in USD, the announcement details.

In other words this is a listed investment trust devoted to bitcoin.

Now we wait to see if all the hedge funds and so on decide to buy shares to get exposure to bitcoin in a regulated way.

This is a good one though but the concern I am seeing here is how the company would guarantee some appreciation for their subscribers because that would be totally not right except they have a war chest of money that they can use to pay for a guaranteed minimum interest. The issue of volatility which the company is looking to take advantage of is good but at the same time could be worse off and if care is not taken, it could put them under unnecessary pressure to deliver to their clients which might make them to start involving not in the development of the market but to guarantee returns.
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December 04, 2019, 04:39:08 PM
 #12

https://news.bitcoin.com/canadian-regulator-green-lights-bitcoin-fund-ipo/

Quote
Crypto-focused Canadian investment fund manager 3IQ Corp. announced on Thursday that it has filed a preliminary prospectus for the IPO of The Bitcoin Fund. More importantly, the prospectus dated Nov. 27 has been receipted by the Ontario Securities Commission (OSC) after previously rejecting it. The IPO will offer two classes of units at $10 each.

The Bitcoin Fund is a closed-end investment fund established as a trust under Ontario’s laws, the company explained, adding that “the units will be an eligible qualified investment for registered investment accounts.” The fund’s investment objectives are to provide investors with long-term capital appreciation and exposure to bitcoin and its daily price movement in USD, the announcement details.

In other words this is a listed investment trust devoted to bitcoin.

Now we wait to see if all the hedge funds and so on decide to buy shares to get exposure to bitcoin in a regulated way.

With the latest row between president Trump and Prime minister Trudeau in London, Canada could need to further integrate crypto to stay away from economical bargaining from the US. Crypto is the way for financial freedom.

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December 05, 2019, 07:38:30 AM
 #13

https://news.bitcoin.com/canadian-regulator-green-lights-bitcoin-fund-ipo/

Quote
Crypto-focused Canadian investment fund manager 3IQ Corp. announced on Thursday that it has filed a preliminary prospectus for the IPO of The Bitcoin Fund. More importantly, the prospectus dated Nov. 27 has been receipted by the Ontario Securities Commission (OSC) after previously rejecting it. The IPO will offer two classes of units at $10 each.

The Bitcoin Fund is a closed-end investment fund established as a trust under Ontario’s laws, the company explained, adding that “the units will be an eligible qualified investment for registered investment accounts.” The fund’s investment objectives are to provide investors with long-term capital appreciation and exposure to bitcoin and its daily price movement in USD, the announcement details.

In other words this is a listed investment trust devoted to bitcoin.

Now we wait to see if all the hedge funds and so on decide to buy shares to get exposure to bitcoin in a regulated way.
This is definitely good news for the crypto community and we will see lots of new money flowing into this market again. If there are more and more Bitcoin Funds, I believe that this halving event will increase the price very strongly. Do you see that?
The reason is because many financial institutions believe that the price of bitcoin will definitely increase and they deplete money into the market to buy lots of bitcoins and holdings, then there will be price pushes and they will sell for profit.

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December 05, 2019, 10:28:20 AM
 #14


With the latest row between president Trump and Prime minister Trudeau in London, Canada could need to further integrate crypto to stay away from economical bargaining from the US. Crypto is the way for financial freedom.

It would be funny if Canada developed into a cryptocurrency centre, drawing money away from Wall Street!

 
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December 12, 2019, 01:44:33 AM
 #15

The Bitcoin Fund is a closed-end investment fund established as a trust under Ontario’s laws, the company explained, adding that “the units will be an eligible qualified investment for registered investment accounts.” The fund’s investment objectives are to provide investors with long-term capital appreciation and exposure to bitcoin and its daily price movement in USD, the announcement details.

In other words this is a listed investment trust devoted to bitcoin. Now we wait to see if all the hedge funds and so on decide to buy shares to get exposure to bitcoin in a regulated way.

We are seeing many good developments with introduction of different platforms that can pave the way for institutional investors to be adopting Bitcoin and cryptocurrency. Just like the introduction of Bakkt, we should never expect that the response for this Bitcoin Fund can be amazing as things can start minimal but will eventually be picking up later. This IPO is a good sign that we are slowly moving into the right direction. Amidst the negative reaction to the crackdown by China on cryptocurrency-related business operations within its territory, we should get our attention to other countries who are bringing us better news that can be serving the long-term potential of this digital asset.
Will be just an issues how to make many people want to buy bitcoin because we always got the same information about bitcoin become legal currency payment is some country but after three months later bitcoin not be legal currency any more, I have tired with always giving incorrect information about bitcoin because many country dislike for accepting bitcoin as legal currency payment transaction.

 
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December 12, 2019, 02:03:08 AM
 #16

We cannot tell with exact precision what will happen from this point onward, whether the investors would take this as a sound investment and buy or they will remain doubtful of the future price of Bitcoin. What is sure at this moment is that Bitcoin has earned another star in its collar. This means the Canadian regulators have trusted in Bitcoin for allowing it to be integrated in the investment operations in their jurisdiction.
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December 12, 2019, 06:13:59 AM
 #17

We cannot tell with exact precision what will happen from this point onward, whether the investors would take this as a sound investment and buy or they will remain doubtful of the future price of Bitcoin. What is sure at this moment is that Bitcoin has earned another star in its collar. This means the Canadian regulators have trusted in Bitcoin for allowing it to be integrated in the investment operations in their jurisdiction.

This is a good sign for bitcoin to build a strong foundation not just with Canada, but also for other neighboring countries. As this spread out great feedback and outcome, many of the fellow country will also implement digital currency on their particular assets. However, we needed to be more careful and more vigilant this time, because scammers also do their own moves to penetrate the safesty of cryptocurrency.

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December 12, 2019, 11:30:14 AM
 #18

Quote
The Bitcoin Fund is a closed-end investment fund

Yawn. Closed-end generally means the unit capital is fixed and additional shares won't be issued after the initial offering. Basically, investors can only buy a piece of the existing trust. No share issuing and redemption like the ETF applications we've seen.

Open-ended funds are more interesting since high demand for the securities would warrant the trustee issuing new shares. To do so, they would need to buy the underlying BTC on the open market, driving spot prices upwards.

Thanks, for the insights, I have no idea about closed-end funds but after all, this is another form of adoption of bitcoin. I am excited that news like this is given importance and publicized since this is a piece of positive news for crypto community.

I hope several companies should do like this or the one you have suggested. It is better than bitcoin is being utilized.

 
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December 12, 2019, 12:22:57 PM
 #19

It would be funny if Canada developed into a cryptocurrency centre, drawing money away from Wall Street!

Not going to happen. I'm honestly not that confident in crypto at all, mainly so with how decentralization isn't necessary in each industry. It's being advertised as such because it sounds great and attracts a lot of capital from investors, but when you zoom out and look at the problems that have to be solved, decentralization isn't it in most cases.

Bitcoin is the digital equivalent of Gold. It can be saved and spent easily in the lowest values through Lightning. The next revolutionary development is decentralized interoperability between networks so that we don't need centralized platforms anymore. Isn't that much better than hoping for x/y/z country to be the crypto capital of the world? Definitely for me.

Don't forget that the sentiment years ago was fuck governments we don't need them, and in the more recent times people suddenly look forward to wall street, governments getting involved, etc.  Roll Eyes
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December 14, 2019, 10:32:47 PM
 #20

The next revolutionary development is decentralized interoperability between networks so that we don't need centralized platforms anymore.

We'll always need centralized platforms, if only for pooling fiat liquidity. There will never be a time when the whole world is using platforms like Bisq to trade in/out of fiat.

Don't forget that the sentiment years ago was fuck governments we don't need them, and in the more recent times people suddenly look forward to wall street, governments getting involved, etc.  Roll Eyes

I think people see two binary outcomes: either their government cracks down on crypto, or it welcomes it and legacy finance gets on board.

I certainly don't look forward to US government regulation and Wall Street involvement, but it's better than the outright prohibitions we've seen in more authoritarian countries.

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