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ARTICLE · 09 APRIL 2019

OSC Refuses Prospectus Receipt For Bitcoin Fund

Borden Ladner Gervais LLP
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The Director of the Ontario Securities Commission published a letter outlining his view on the issuance of a receipt to 3iQ Corp. for a preliminary prospectus in respect of The Bitcoin Fund.

CanadaTechnology
Carol Derk
Carol Derk
Chelsea Papadatos
Chelsea Papadatos
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On February 15, 2019, the Director of the Ontario Securities Commission (OSC) published a letter (Letter) outlining his view on the issuance of a receipt to 3iQ Corp. (Manager) for a preliminary prospectus in respect of The Bitcoin Fund (Fund). This filing raised the issue of whether a non-redeemable investment fund (NRIF) that would invest substantially all of its assets in bitcoin should be offered to retail investors. The OSC refused to issue a receipt, citing the lack of established regulation for the bitcoin market, which the director believed raised investor protection issues regarding the valuation, safeguarding and liquidity of bitcoin.

Facts

The Fund proposed to invest in long-term holdings of bitcoin purchased from various sources, including bitcoin exchanges. The investment objective of the Fund was to seek to provide investors with: (i) exposure to bitcoin and the daily price movements of the U.S. dollar price of bitcoin; and (ii) the opportunity

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