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Election 2024

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.

By Paddy Baker
AccessTimeIconSep 30, 2020 at 3:05 p.m. UTC
Updated Aug 19, 2021 at 4:40 a.m. UTC
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gibraltar

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
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    • See also: It's Tough Getting Approved in Gibraltar, Says Green-Lighted Crypto Derivatives Exchange

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