Briefing

As the price of Bitcoin skyrockets, 3IQ’s Bitcoin fund raises $75 million

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The Bitcoin Fund, one of the only publicly traded investment funds in Canada offering retail investors exposure to cryptocurrency, completed a raise of $75.5 million on Friday through issuing new stock on the TSX. The offering was priced at $26.50 per share and underwritten by investment firm Canaccord Genuity. The fund’s stock rose by as much as six per cent on the news, and closed the day trading at the US$22 mark, nearly 70 per cent above its early September stock price. (The Logic)

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Talking point: 3iQ, the company that owns The Bitcoin Fund, won a longstanding legal battle with regulators in 2019 to get its crypto fund approved for TSX listing, after regulators expressed concern about the level of fraud in the crypto sector and the difficulty in auditing financial statements for companies that own crypto assets. The company will soon launch The Ether Fund, a fund that invests in Ethereum, and a competitor of sorts to Ether Capital, a company founded by Bay Street investor Som Seif that owns Ether tokens. Investors have been flocking to non-fiat assets such as gold and cryptocurrency over the last few months due mainly to COVID-19 related economic volatility. On Friday, the price of Bitcoin went over the US$18,000 mark, surpassing a January 2018 bull-market high.