Canada’s 3iQ Investment Fund Submits Application for Bitcoin Fund

3iQ, Canadian investment fund manager, intends to lure Canadian retail investors with its monitored, publicly-traded Bitcoin (BTC) fund. 3iQ has stated that it had submitted an introductory prospectus for its close-end Bitcoin fund, which is anticipated to be listed on the Toronto Stock Exchange sometime this year.

3iQ chief executive Fred Pye told Cointelegraph:

“We expect to list on the Toronto Stock Exchange in late December or early January. As a part of our next steps, we’re hoping to get Canada’s big banks on board. We’re hoping that two or three of Canada’s biggest banks, specifically ones that want to lead in fintech space, will join the syndicate group.”

The Toronto-based 3iQ disclosed that it submitted the prospectus for Bitcoin fund similar to an initial public offering of Class A and Class F units at $10 each.

Pye, who earlier performed the role of senior VP at Fidelity Investments Canada, stated that retail investors had shown a lot of interest for 3iQ’s Bitcoin fund, as the investments will be qualified for tax-free savings accounts and Canada endorsed retirement savings scheme.

Earlier this February, the Ontario Securities Commission issued a directive against 3iQ’s plan to roll out regulated Bitcoin fund. However, 3iQ petitioned against the finding and eventually received clearance from Canada’s market watchdog to unveil its BTC fund. At that time, Pye said

“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.”

Last month, a document published by the Canadian Digital Chamber of Commerce indicated that the average yearly salary for blockchain professional in Canada is over 98,000, placing careers related to blockchain as the highest paying job in the nation. The document also asserts that Canada is well placed to transform into a world leader in the blockchain sector.

Nevertheless, the blockchain sector is facing several challenges including issues related to finance, dearth of regulatory environment, inadequate public education and almost no cooperation from banks and auditing facilities.