A Toronto-based investment fund manager is working to overturn the rejection of a proposed Bitcoin Fund (QBTC) by the Ontario Securities Commission (OSC) on the argument that regulators are withholding opportunities from Canadian investors and holding back advancements in fintech.
If successful, the company, known as 3iQ, will syndicate the bitcoin fund to be listed on the Toronto Stock Exchange. (Meanwhile in the U.S., the Securities and Exchange Commission has continued to delay its decisions on the VanEck and Bitwise Bitcoin ETF applications.) The first three of four scheduled public hearings were held last week; the final one is set for July 12. "We really hope we're going to have the first major exchange-listed bitcoin fund in the world that'll be available to the average investor," Fred Pye, 3iQ's CEO, told Cheddar in an interview.