3iQ’s Top 5 Digital Asset Stories of the Week
March 27 – April 2, 2020
3iQ Receives Receipt for The Bitcoin Fund Final Prospectus
Globe Newswire | April 2, 2020
3iQ Corp. is pleased to announce that The Bitcoin Fund (the “Fund”) has filed with the securities regulatory authorities in all of the Canadian provinces and territories of Canada and received a receipt for its final prospectus in relation to an initial public offering of Class A Units and Class F Units at a price of US$10.00 per unit (the “Offering”). The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Class A Units under the symbol “QBTC.U”, subject to the fulfillment of TSX requirements. Class F Units will not be listed on a stock exchange but will be reclassified as Class A Units immediately upon the closing of the Offering.
Diversification is the “Only Free Lunch” in These Markets
Advisor Perspectives| March 27, 2020
While both traditional and alternative asset markets have descended into turmoil this past month, it’s important to remember the strength of a diversified portfolio and the power of non-correlated assets. According to an article on Advisor Perspectives, adding bitcoin exposure to several different traditional portfolio strategies dramatically increased risk-adjusted returns. “A small addition of BTC to each portfolio dramatically improved its efficiency, raising risk-adjusted returns in every strategy while raising volatility only moderately”.
GitHub Is Burying Bitcoin Code Inside an Arctic Mountain to Ride Out the Next 1,000 Years
CoinDesk| April 1, 2020
Github, the leading online repository for software and development version control, is looking to archive “technological history” within an icy mountain in Norway’s Scalbard, an inhabitable artic archipelago. As part of its archiving program, critical software code such as Bitcoin Core will be copied onto film reels and stored in steel containers in efforts to keep the data unscathed for up to 1000 years. Most cryptocurrency projects stored on GitHub will be included in the archive which is expected to occur in late April.
Binance Acquires CoinMarketCap for an Estimated $400 Million
Decrypt | April 2, 2020
The major cryptocurrency exchange Binance has recently acquired CoinMarketCap, one of the most popular public destinations for checking cryptocurrency prices, trading data, and coin market capitalizations. The purchase was made for an undisclosed sum; however, some rumors suggest that the acquisition cost Binance around $400 million USD. “Personally, I am always skeptical of any deal that can in any way affect the ‘neutrality’ of any reporting system where one party (even potentially) has an interest in that system as here, especially as I’m not even entirely clear what they stand to gain precisely,” said Jason Deane, an analyst at Quantum Economics.
Castle Island Ventures: Bitcoin is an Option on a Store of Value
Castle Island Ventures| March 27, 2020
According to Castle Island Ventures, bitcoin is “exceptionally well positioned” to weather-out the storm currently facing traditional markets. In a recent newsletter, the firm highlights that “Bitcoin is an Option on a store of value (SOV)”, comparing it to a Series B investment in a potential non-sovereign store of value given its current market capitalization of around $120 billion USD. The firm suggests that due to this phenomenon, it behaves more like a “risk-asset” for now, as its market infrastructure remains nascent and fragmented, with most exchanges and custodians being in the “embryonic” stage.