Canadian investment fund manager 3iQ has received an initial approval from the Ontario Securities Commission (OSC) to list a closed-end bitcoin fund on the Ontario Stock Exchange later this year.
According to a press release published by the firm, the proposed Bitcoin Fund will be publicly-traded on the exchange and available to Canadian retail investors. The approval came after 3iQ appealed on a negative ruling by Canada’s markets regulator on the fund earlier this year.
3iQ’s chief executive officer Fred Pye was quoted as saying:
Over the past three years, we have worked actively with the OSC’s Investment Funds and Structured Products Branch to create an investment fund that we hope will allow retail investors the benefits of investing in Bitcoin through a regulated, listed fund.
Speaking to the Financial Post, Pye added that the Bitcoin Fund will be available through traditional and discount brokers, and eligible for registered retirement savings plans and tax-free savings accounts in the country.
The firm reportedly worked closely with the OSC’s Investment Funds and Structured Products Branch to create the product, which is going to see the Gemini Trust Company, founded by the Winklevoss twins, provide custody services and manage the BTC in the fund.
The investment fund manager also partnered with VanEck to develop an innovative bitcoin benchmark, and will see leading cryptoasset data provide CryptoCompare act as its calculation agent.
As reported earlier this month the central bank of Canada is considering launching its own cryptocurrency, in a move that could see it gather more information on where Canadians spend their funds.
Featured image via Pixabay.