Gibraltar Stock Exchange Brings 3iQ's The Bitcoin Fund to Europe's Digital Asset Ecosystem

29 Sep 2020

The Gibraltar Stock Exchange, a subsidiary of the Global Stock Exchange (GSX) Group, has today announced the listing of 3iQ’s The Bitcoin Fund, debuting one of the world’s first regulated and exchange-traded bitcoin funds on a European regulated exchange. 

3iQ is one of the leading Canadian investment fund managers focused on investing in disruptive technologies and digital assets. Having previously been approved by the Ontario Securities Commission and listed and traded on the Toronto Stock Exchange – a top 10 global exchange –  The Bitcoin Fund is designed to provide investors with institutional level access to Bitcoin without the burden of buying and safekeeping coins, while unearthing unique opportunities for long-term capital appreciation. Leading crypto platform Gemini is fulfilling the custodian functions of bitcoin held in the fund. Aaron Payas, Partner at Hassans law firm in Gibraltar, and his team have acted as legal advisor to 3iQ and prepared the listing documentation.

Commenting on the announcement, Nick Cowan, CEO of the Gibraltar Stock Exchange said, “Today’s announcement provides further demonstrable evidence of innovative asset classes becoming accessible through mainstream investment vehicles which in turn leads to increased adoption and we welcome 3iQ to GSX and Gibraltar.” 

Fred Pye, President and CEO of 3iQ said, “Finally, sovereign wealth funds, pension funds, and the many reputable financial institutions that are restricted to buying licenced, regulated, major exchange-listed products, now have access to the world’s only regulated, exchange-traded in Canada, publicly listed bitcoin fund. Being listed on the Gibraltar Stock Exchange extends the reach of the 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 GSX offers the benefits of listing on a regulated and recognised stock exchange, aiming to enhance marketability and tax efficiency for issuers and investors of GSX listed products. The GSX operates two markets, the GSX Main Market and the GSX Global Market, which represent two core business lines within the wider GSX Group. The GSX Main Market operates as an EU regulated market as defined in the Markets in Financial Instruments Directive (MiFID) while the GSX Global Market operates as an MTF. Fort Capital Solutions, based in London, shall be assisting 3iQ in future capital raises in the UK and other jurisdictions and can be contacted for further information.

The GSX Group is a capital markets ecosystem geared towards transforming capital markets through its integrated proprietary blockchain technology solutions, operating offices in Gibraltar, Singapore, and Estonia. 

Aaron Payas, Partner at Hassans International Law Firm Limited’s DLT team commented on the announcement: “3iQ’s listing on the Gibraltar Stock Exchange provides demonstrable evidence that despite the challenges disruptors can expect to face, Gibraltar continues to punch above its weight in the context of the crypto and wider DLT space. In Gibraltar, we continue to push the envelope, offering enterprises the solutions and the service that they need to meet today’s market demands. It is exciting to be involved at the vanguard of these developments and it has been a pleasure to work with the team at 3iQ and GSX in making this a reality.”

“Following their recent high profile listing on the Toronto Stock Exchange, the 3iQ team are no strangers to leading the charge and successfully engineering genuine industry-first milestone moments. I’m pleased that together, we can continue this trend of extending the benefits of bitcoin and digital assets more broadly to new categories of investors,” concluded Cowan.

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