3iQ Corp. (3iQ), a Canadian investment fund manager focused on disruptive technologies and the cryptoasset space, announced today that it has signed a Letter of Intent (LOI) to acquire the rights to manage First Block Capital (FBC)’s funds, which includes the FBC Bitcoin Trust (NEO: FBCBT) and FBC Distributed Ledger Technology Adopters ETF (NEO: FBCN). The FBC Bitcoin Trust offers Canadians a tax-efficient exposure to the cryptocurrency. The transaction will not affect the ability for Accredited Investors to purchase the FBC Bitcoin Trust on NEO Connect or its eligibility for RRSP and TFSA accounts.
According to 3iQ, “The assignment of First Block’s management rights to 3iQ is subject to a review by the independent review committee for the First Block Capital Inc. (FBC) ETF as well as regulatory and unitholder approval. 3iQ Corp. is expected to become the trustee and manager of the FBC ETF. This will result in a change of the fund manager. FBC will provide unitholders with further specific details of this transaction, including the record date and timing for the unitholder meeting to approve the change of trustee and manager of the FBC ETF at a later date.”
Separately to the LOI, First Block Capital will be making a strategic investment in 3iQ to aid in its mission to create innovative investment products of institutional quality.
“We have worked actively with First Block over the years to expand the digital asset infrastructure in Canada” said Fred Pye, President & CEO of 3iQ. “Teaming up to divide responsibilities of asset management and capital investing in the industry was a natural venture for both of our teams.”
“We look forward to managing these additional investment funds,” said Howard Atkinson, Chairman of 3iQ. “Our relationship with Raymond Chabot Grant Thornton (RCGT) has helped us to accomplish a full fund audit in this space and we expect to be able to continue to work with RCGT and Catallaxy to audit digital asset funds in compliance with applicable auditing standards.”
“As entrepreneurs, we at First Block are driven by pioneering in the blockchain space and we are proud of our accomplishment of being first to market with these products,” said Sean Clark, CEO of First Block Capital. “Our investment in 3iQ speaks to the level of confidence we have in their ability to run institutional grade investment products, allowing us to maintain our focus on making innovative investments which continue to push the blockchain ecosystem forward.”
About 3iQ Corp.
3iQ is a Canadian investment fund manager focused on providing innovative investment products of institutional quality. 3iQ currently manages the 3iQ Global Cryptoasset Fund, a private investment fund which holds bitcoin, ether and litecoin and is eligible for investment by accredited investors in Canada or in reliance on other exemptions from the prospectus requirement. Founded in 2012, 3iQ is currently focused on disruptive technologies and the cryptoasset space. Please visit www.3iQ.ca to learn more or contact Frederick T. Pye (fpye@3iQ.ca) or Howard Atkinson (Hatkinson@3iQ.ca) to schedule a call.
About First Block Capital Inc.
First Block Capital Inc. is Canada’s first dedicated cryptocurrency and blockchain investment company investing its own and investors’ capital exclusively in cryptocurrency and blockchain opportunities to provide exposure to the emerging digital currency asset class based on blockchain technology. First Block was founded by technology entrepreneurs with a pedigree in blockchain investments. For more information, visit www.firstblock.capital.