Canadian investment fund manager 3iQ’s The Bitcoin Fund has been listed on the Gibraltar Stock Exchange, according to a press release published today. The firm hopes that with the listing of the regulated and exchange-traded Bitcoin fund on a European exchange, it would attract more retail investors from European markets, compared to its original investor base which so far has been restricted to Canada.
On the other hand, the listing on the Gibraltar Stock exchange would help investors, especially those who had already purchased 3iQ shares and can now sell them on the European market. In fact, President and CEO of 3iQ, Fred Pye, said in a statement,
“Being listed on the Gibraltar Stock Exchange extends the reach of The Bitcoin Fund within the burgeoning European digital assets market, and continues the groundswell of momentum that has defined 3iQ’s exciting progress during the first half of 2020.”
The news comes a year after the Bitcoin Fund offered by 3iQ received its approval from the Canadian regulator, the Ontario Securities Commission (OSC), and was also listed and traded on the Toronto Stock Exchange. The said decision had been much talked about since the Canadian regulator had rejected a previous application for listing the firm’s Bitcoin Fund on Canada’s regulated exchange. At the time, the fund was deemed to be a non-redeemable investment fund [NRIF].
However, after the approval, the fund manager was able to secure well-known custodians like the New York-based VanEck’s Index Solutions and the Winklevoss twins’ Gemini exchange. With regard to the current listing in the European region, 3iQ sought support from a local law firm in Gibraltar for legal advice to prepare listing documentations.
Moreover, the CEO of the Gibraltar Stock Exchange, Nick Cowan, said in the release that the listing was proof of such asset class funds becoming “accessible through mainstream investment vehicles.”
There have also been other exchange-traded funds (ETFs) that have grabbed headlines recently. The Hashdex-Nasdaq Crypto Index ETF was approved for listing on the Bermuda Stock Exchange. In Canada, Evolve Funds offered a Bitcoin price-backed ETF to be traded on the Toronto Stock Exchange. In Europe, Stockholm-based firm, XBT Provider, has offered ETFs based on Bitcoin and even Ether.