Toronto, Nov. 30, 2020 (GLOBE NEWSWIRE) — (TSX: QBTC, QBTC.U) The Bitcoin Fund (the “Fund”) is pleased to announce that it has completed the previously announced treasury offering of Class A units (the “Class A Units”) raising gross proceeds of US$50,001,750.
The Class A Units were available for purchase in U.S. dollars under the offering at a price of US$22.50 per unit. The Class A Unit offering price was determined so as to be non-dilutive to the most recently calculated net asset value per Class A Unit on November 24, 2020, plus the per unit Agent’s fee and the expenses of the offering.
The Fund seeks to provide unitholders of the Fund 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.
To achieve its investment objectives, the Fund invests in long-term holdings of bitcoin, purchased from reputable bitcoin trading platforms and OTC counterparties, in order to provide investors with a convenient, safer alternative to a direct investment in bitcoin.
The agent for the offering was Canaccord Genuity Corp.
About 3iQ Corp.
Founded in 2012, 3iQ Corp. (“3iQ”) is Canada’s largest digital asset investment fund manager with more than C$325 million in assets under management. 3iQ was the first Canadian investment fund manager to offer a public bitcoin investment fund, The Bitcoin Fund (TSX:QBTC). Gaining access to digital assets such as bitcoin can be daunting, costly, and inconvenient. 3iQ has worked through a stringent regulatory process to offer investors convenient and familiar investment products to gain exposure to digital assets. For more information about 3iQ and The Bitcoin Fund, visit www.3iq.io or follow us on Twitter @3iQ_corp.
Contact Information
Fred Pye – President and CEO
E: fred.pye@3iQ.ca
P: +1 (416) 639-2130