December 14, 2020
-
As reported by BetaKit, 3iQ, a Toronto-based bitcoin and cryptoasset fund manager, recently raised CAD$75.5 million in a private placement offering for its Bitcoin Fund. The Bitcoin Fund, which was created in April, 2020 and is Canada’s first regulated bitcoin investment fund, “seeks exposure to digital currency bitcoin and the opportunity for long-term capital appreciation” while providing investors with an alternative to a direct investment in bitcoin.
The fund’s offering was open to accredited investors and consisted of Class A units, which were priced at CAD $26.50 (US$20.25) per Class A unit, and was underwritten by Cannacord Genuity Corporation. Substantially all of the net proceeds from the offering were used to purchase bitcoin for the fund’s portfolio. No voting rights were conferred on purchasers under the offering.
As reported in The Logic, the fund’s stock rose by as much as six per cent on the news of the offering and closed nearly 70 per cent above its early September stock price, as the price of bitcoin recently rose over the US$18,500 threshold.
Author: Andrew Patel
Comentarios