3iQ’s Bitcoin Fund Gets Second Listing of 2020 – This Time on Gibraltar's Stock Exchange
The Toronto Stock Exchange also listed The Bitcoin Fund in April of this year.
The Gibraltar Stock Exchange (GSX) has listed 3iQ's closed-end fund, five months after it was first listed in Toronto.
- GSX announced Tuesday that The Bitcoin Fund, which provides institutional investors with exposure to bitcoin through a regulated asset class, is now ready for trading.
- Essentially structured as an exchange-traded product (ETP), the underlying assets are held by exchange and custody provider Gemini.
- In a statement, 3iQ's president and CEO, Fred Pye, said the listing would open the fund to European institutional investors, including pension and sovereign wealth funds.
- Based in Canada, 3iQ spent three years in dialogue with the Ontario Securities Commission (OSC) before it received approval for its fund.
- The Toronto Stock Exchange listed The Bitcoin Fund in April of this year.
- GSX has shown much interest in cryptocurrencies and launched a blockchain trading subsidiary, now based in Estonia, in late 2017.
- Earlier this year, the bourse also launched its "GRID" platform, which allows clients to create and issue tokenized securities.
- Since 2018, Gibraltar's authorities have taken the usual approach of relying on nine guiding principles to regulate digital assets.
- Earlier this month, the territory updated its regulatory guidance to say crypto derivative products came with much more risk than the underlying assets themselves
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.