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The Bitcoin Fund Announces Successful Overnight Offering

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TORONTO, Nov. 17, 2020 /CNW/ – (TSX:QBTC) (TSX:QBTC) The Bitcoin Fund (the “Fund”) is pleased to announce a successful overnight treasury offering of 2,850,000 Class A units (the “Class A Units”). Gross proceeds of the offering are expected to be approximately C$75.6 million.

The offering is expected to close on or about November 20, 2020 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”).

The Class A Units were available for purchase in Canadian and U.S. dollars under the offering at a price of C$26.50 and US$20.25 per unit, respectively. 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 16, 2020.

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

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