3iQ's Bitcoin Fund Gets Second Listing of 2020

Sep 30, 2020 at 15:05 UTCUpdated Sep 30, 2020 at 15:34 UTC.The Gibraltar Stock Exchange has listed 3iQ's closed-end fund, five months after it was first listed in Toronto.

GSX announced Tuesday that The Bitcoin Fund, which provides institutional investors with exposure to bitcoin through a regulated asset class, is now ready for trading.

Essentially structured as an exchange-traded product, the underlying assets are held by exchange and custody provider Gemini.

In a statement, 3iQ's president and CEO, Fred Pye, said the listing would open the fund to European institutional investors, including pension and sovereign wealth funds.

Based in Canada, 3iQ spent three years in dialogue with the Ontario Securities Commission before it received approval for its fund.

GSX has shown much interest in cryptocurrencies and launched a blockchain trading subsidiary, now based in Estonia, in late 2017.Earlier this year, the bourse also launched its "GRID" platform, which allows clients to create and issue tokenized securities.

Since 2018, Gibraltar's authorities have taken the usual approach of relying on nine guiding principles to regulate digital assets.

Earlier this month, the territory updated its regulatory guidance to say crypto derivative products came with much more risk than the underlying assets themselves.