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For Canadian investors tempted by the latest bitcoin craze, money manager Fred Pye offers what many will see as one of their only pure-play options.
The chief executive of 3iQ Digital Asset Management runs The Bitcoin Fund (QBTC-T), which started trading last spring. It’s a unique offering in Canada and believed to be one of two pure-play bitcoin funds worldwide. (The other, the BTCetc Bitcoin Exchange Traded Crypto Fund (BTCE-FF), debuted on the Frankfurt Stock Exchange in August).
There are plenty of options available to buy into the bitcoin boom, but Mr. Pye argues the vast majority of them – from virtual bitcoin exchanges to ETF-like products called exchange-traded notes (ETNs) – are too risky for the average investor.
The Bitcoin Fund by 3iQ Completes Private Placements
January 05, 2021 21:45 ET | Source: 3iQ Corp. 3iQ Corp.
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TORONTO, Jan. 05, 2021 (GLOBE NEWSWIRE) (TSX: QBTC, QBTC.U) The Bitcoin Fund (the “Fund”) is pleased to announce the Fund has completed private placements in November and December 2020, approved by the Toronto Stock Exchange (the “TSX”), aggregating 730,836 and 1,487,986 Class A units of the Fund (“Units”), respectively. Following a four-month holding period, investors in the private placements may elect to sell their Units on the TSX. Units are listed on the TSX under the symbol QBTC.
The Fund seeks to provide unitholders of the Fund with (a) exposure to the digital currency bitcoin and the daily price movements of the U.S. dollar price of bitcoin and (b) the opportunity for long-term capital appreciation.