RATE Group | Bitcoin Fund Completes $48 Million Exchange Traded Offering, Just Don’t Tell Americans
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Bitcoin Fund Completes $48 Million Exchange Traded Offering, Just Don’t Tell Americans

08 May Bitcoin Fund Completes $48 Million Exchange Traded Offering, Just Don’t Tell Americans

Posted at 18:13h in Bitcoin News by

Toronto-based investment manager 3iQ Corp. has completed a $48 million offering in its Bitcoin Fund (QBTC.U), trading on the Toronto Stock Exchange. Just don’t tell Americans.

A statement released today detailing the investment opportunity makes it very clear in bold letters at the top: NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. In spite of being traded on the Canadian exchange, the value of the investment is denominated in U.S. dollars.

While not technically the widely anticipated bitcoin exchange traded fund (ETF) that many institutional investors have been waiting for, this is a closed end fund better described as an exchange traded product. The price of bitcoin increased 5% over the past 24-hours, crossing $10,000 last night, and was trading at $9,995 at the time of publication, according…

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