3iQ, a Canadian investment fund manager, filed a preliminary prospectus for its publicly-traded bitcoin fund intending to attract potential Canadian retail investors.
In its November 28 press release, the investment fund manager announced that it filed an initial prospectus for its bitcoin fund. The fund is estimated to be accessible later this year at the Toronto Stock Exchange (TSX).
The firm is aiming to get Canada’s biggest banks as their investors as a part of their move. The chief executive Fred Pye said that they aim for two or three major banks in Canada will close ties with the syndicate group.
The company that resides in Toronto exposed that in relation to an initial public offering of Class A and Class F units at $10 each, 3iQ submitted the prospectus for the bitcoin fund.
Notably, Pye formerly worked as the senior vice president at Fidelity Investments Canada. He emphasized that retail investors have been demonstrating a significant amount of interest for the bitcoin fund of 3iQ. The reason for this is that the investments will also be entitled to the registered retirement savings plan of Canada as well as the free reserves account.
The markets regulator of Canada ruled against 3iQ
The Ontario Securities Commission (OSC) ruled against the proposal of the fund manager to launch its regulated bitcoin fund in February. But 3iQ appealed the regulator’s decision and got approval from the markets regulator of Canada.
In addition, Pye noted that in the past three years, 3iQ has actively worked with the Investment Fund of OSC and the Structured Products Branch to generate an investment fund. The fund manager firm hopes that the investment fund will give retail investors the benefits of investing bitcoin through the regulated, listed fund.