Canadian Fund Manager 3iQ Raises $48 Million In Its Bitcoin Fund Offering

Canadian Fund Manager 3iQ Raises $48 Million In Its Bitcoin Fund Offering

3iQ Corp., a Canadian investment fund manager, announced today that it has completed its previously announced Bitcoin Fund offering recently listed for trading on the Toronto Stock Exchange.

According to a press release today, the firm’s IPO for The Bitcoin Fund (the “Fund”) was offered under two distinct categories – Class A units and Class F units (the “Units”), with each unit priced at $11.87 and $11.63 respectively.

3iQ Bitcoin Fund offering raises $48 million

3iQ stated that the offerings of both units saw the firm raise approximately $48 million as gross proceeds.  The firm seeks to give investors of each unit exposure to popular cryptocurrency, Bitcoin (BTC), such as its long-term appreciation, as well as the daily price movement of BTC in the U.S. dollar. 

The partners for the Offering co-led by Canaccord Genuity Corp., Echelon Wealth Partners Inc., and other notable financial firms in Canada were described as “the Agents,” with 3iQ acting as the investment and portfolio manager of the Fund. 

These agents have been given the option to purchase an additional 15% of the Class A Units issued on the closing date of the offering, with the same terms and conditions, exercisable in whole or in part, for a period of 30 days from today, 3iQ added. 

As per the press release, beginning from today, the Class F Units have been reclassified as Class A Units on a one-for-one basis. 

3iQ offers investors crypto exposure 

Established in 2012, 3iQ is committed to giving retail investors the needed exposure to the digital assets and blockchain industry.

Hegion reported last year that 3iQ recieved regulatory approval from the Ontario Securities Commission (OSC) to launch the first Bitcoin Fund on the Toronto Stock Exchange.  The move later saw the firm file a preliminary prospectus for its Bitcoin Fund.

Commenting on the development at the time, Fred Pye, President, and CEO of 3iQ said that the firm had worked effortlessly to launch a Bitcoin Fund on a regulated exchange for the benefit of retail investors.

This article originally appeared on Coinfomania
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