The Bitcoin Fund by 3iQ Completes Private Placements
TORONTO, Feb. 22, 2021 (GLOBE NEWSWIRE) -- (TSX: QBTC, QBTC.U) The Bitcoin Fund (the "Fund") is pleased to announce that it has completed private placements in January 2021, accepted by the Toronto Stock Exchange (the "TSX"), aggregating 1,128,282 Class A units of the Fund ("Units"). Following a four-month statutory hold period, investors in the private placements may elect to sell their Units on the TSX. Units are listed on the TSX under QBTC and QBTC.U.
The Fund seeks to provide its Unitholders with (a) exposure to the digital currency bitcoin and the daily price movements of the U.S. dollar price of bitcoin, and (b) the opportunity for long-term capital appreciation.
The Fund acquires assets from reputable bitcoin trading platforms and OTC counterparties, in order to provide investors with a convenient and safer alternative to a direct investment in bitcoin. Gemini Trust Company, LLC, a trust company licensed by the New York State Department of Financial Services, acts as sub-custodian of the Fund's assets. 3iQ believes an investment in bitcoin will provide investors with a low-correlated asset class which will complement traditional investment strategies.
