CoinShares announces strategic collaboration with 3iQ with launch of the 3iQ CoinShares Bitcoin ETF
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SAINT HELIER, Jersey, April 1, 2021 | CoinShares International Limited, (Nasdaq First North Growth Market: CS) ("CoinShares" or the "Group" or the “Company”) today announced a strategic collaboration with 3iQ Corp (“3iQ”), commencing with the launch of the 3iQ CoinShares Bitcoin ETF (the “ETF”). As part of this collaboration, CoinShares also disclosed a strategic investment in 3iQ, which further aligns the objectives of the two firms.(1)
Founded in 2012, 3iQ is Canada’s largest digital asset investment fund manager with more than C$2.1 billion in assets under management. 3iQ was the first Canadian investment fund manager to offer a public bitcoin investment fund.
The ETF will be offered in all of the provinces and territories of Canada. The Toronto Stock Exchange (“TSX”), the largest stock exchange in Canada, has conditionally approved the listing of the Units under the symbols “BTCQ.U” (in U.S. dollars) and “BTCQ” (in Canadian dollars), subject to the fulfillment of TSX requirements. 3iQ will act as the investment and portfolio manager of the ETF which is expected to begin trading in early April, 2021.
CoinShares and 3iQ share similar objectives - to make digital assets more inclusive by facilitating access to investors through a variety of trusted, regulatory compliant investment vehicles that are available in global markets. CoinShares' participation in the ETF will allow 3iQ to leverage the global brand that CoinShares has built over the past 8 years, allowing them to extend their outreach. The 3iQ CoinShares Bitcoin ETF will increase CoinShares’ brand recognition in the North American asset management market, which is a strategic growth market for CoinShares in 2021.
Jean Marie Mognetti, CEO of CoinShares, commented:
“While global banks are beginning to explore making bitcoin investment products available to their wealthiest clients, at CoinShares, our mission is to provide investors with a variety of options to facilitate investment in digital assets by lowering barriers to entry. In 2015, CoinShares was the first firm in the world to offer regulated, publicly listed exchange traded products that allowed investors to obtain exposure to bitcoin in their portfolios. With inflows into digital asset investment funds exceeding $6B in the first quarter of 2021, and global AUM reaching a new record of $55B(2), our team at CoinShares believes digital assets will continue to grow as more investors look for cost-efficient vehicles to access this exciting new asset class. We are actively exploring new ways we can partner with exceptional firms like 3iQ to pursue our mission of making digital assets more accessible to both retail and institutional investors.”
1. This investment was disclosed in the CoinShares Prospectus and Q4 and FY2020 Earnings Report, which can be accessed at https://coinshares.com/investor-relations
2. Sourced from the CoinShares Weekly Digital Asset Fund Flows Report as of 29 March 2021. This report is updated weekly on Mondays and can be accessed at https://coinshares.com/research/digital-asset-fund-flows
CoinShares is Europe's largest digital asset investment firm, managing over USD 4 billion of assets on behalf of its client base. The Group is focused on expanding investor access to the digital asset ecosystem by pioneering new financial products and services that seek to provide trust and transparency when accessing this new asset class.
For more information on CoinShares, please visit: https://coinshares.com
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This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014). The information in this press release has been published through the agency of the contact persons set out above, at 5:45pm BST on 01 April 2021.
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This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Company. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States (including its territories and provinces, every state of the united states and the District of Columbia), Australia, New Zealand, Japan, Canada, Hong Kong or South Africa or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.
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In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" (within the meaning of the United Kingdom version of the EU Prospectus Regulation (2017/1129/ EU) which is part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018) who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.
Information to distributors
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in the Company have been subject to a product approval process, which has determined that the shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment; the shares in the Company offer no guaranteed income and no capital protection; and an investment in the shares in the Company is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in the Company.
Each distributor is responsible for undertaking its own target market assessment in respect of the shares in the Company and determining appropriate distribution channels.
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