Canada’s CI Financial Raises $72 Million for Its Bitcoin Fund IPO

Canadian mutual fund manager CI Financial Corp. completed a $72 million initial public offering of a Bitcoin fund to help clients access the cryptocurrency in the midst of an eye-catching rally.

Description: CI Financial Corporation, one of the biggest mutual fund managers in Canada, has recently completed a $72 million fundraise through the Initial Public Offering (IPO) of its Bitcoin Fund.

Northern Trust, a major investment company with $1.2 trillion in assets in Canada, the US and the European Union, is entering the cryptocurrency market. Its clients have access to Zodia, a cold storage platform for digital assets created in partnership with Standard Ventures.

Cryptocurrency custody services have become possible for US banks and investment funds, following a clarification from the US Office of the Comptroller of the Currency (OOC). OOC chief Brian Brooks, who previously served as legal advisor to Coinbase, has gone on record as saying there is no need to obtain a licence to hold digital assets.

Investment funds and banks are now opening cryptocurrency vaults, and cryptocurrency wallet startups are seeking a bank trust license to offer their services in the marketplace.

Canadian company CI Financial has completed its initial public offering on the Toronto Stock Exchange, raising $72 million in a Bitcoin-focused mutual fund. The funds will be used to buy real BTC assets, which will be deposited with the project’s partner, Galaxy Digital.

The shares issued by CI Financial at a starting price of $10 will entitle investors to a Bitcoin-denominated unit, the value of which will be measured by changes in the Bloomberg Galaxy Bitcoin Index.

Under the terms of the investment agreement, the investment fund commits to redeem the unit from investors after one year for $10 plus a percentage change in the value of the cryptocurrency. The second option for cashing out the investment is to sell the shares on the Toronto Stock Exchange, where their rate is determined by market demand.

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