June 25 – July 2, 2019 | 3iQ Bitcoin Trust, Goldman Sachs Coin & More Crypto News

North iQ Weekly Newsletter is curated to provide insights on digital asset industry developments, market announcements, and performance analysis.

NAV as at June 28, 2019

Returns as at June 28, 2019

3iQ Completes Transition of First Block Capital Bitcoin Investment Trust to the 3iQ Bitcoin Trust

Underlying cryptoasset prices sourced from Bloomberg.

June 28 – On Friday June 28th, 3iQ Corp. and First Block Capital completed the transition of the First Block Capital Bitcoin Investment Trust to the 3iQ Bitcoin Trust. The fund can be purchased through the 3iQ Exempt Market Dealer (EMD) at 3iQ.ca, or can be purchased on the NEO Connect Exchange under the symbol FBCBT (CAD) or FBCBT.U (USD).

CFTC Approves LedgerX to Settle Futures Contracts in Bitcoin

June 25 – The Commodity Futures Trading Commission (CFTC) has approved the crypto firm LedgerX to settle bitcoin futures contracts using real bitcoin. LedgerX had previously filed the application for a designated contract market (DCM) license in November 2018. Currently, the Chicago Mercantile Exchange (CME) offers bitcoin futures contracts; however, these contracts settle in US dollars and not in bitcoin. Perhaps most notably, these new contracts will be available for retail investors, although it is unknown when or where LedgerX plans to release its futures contracts. Bakkt, the long-awaited crypto platform supported by the Intercontinental Exchange (ICE), is waiting for the New York Department of Financial Services (NYDFS) to license its warehouse before it plans to settle futures contracts backed by real bitcoin.

Read the full article from CoinDesk here.

Square Now Accepts Bitcoin Deposits for Cash App Users

June 25 – Square has recently added the ability for users to deposit real bitcoin into their Cash App accounts. The Cash App is a widely used on-ramp for retail investors using iOS or Android to buy and sell bitcoin. According to several Tweets, bitcoin deposits are currently available to only some users. In the first quarter of 2019, Square made around $65 million USD in revenue through its Cash App, and profits of $832,000 USD. Jack Dorsey, the founder of Twitter and Square, has been a long-time supporter of cryptocurrencies, and notably bitcoin, as several of his Tweets earlier this year suggested that he believes bitcoin will be the “world currency” of the future.

Read the full article from CoinDesk here.

Crypto Awareness and Adoption in the United States

June 28 – Coinbase has released a comprehensive report on the state of crypto awareness and adoption within the United States. Coinbase conducted the analysis using search engine datasets and other research conducted internally. According to the report, this year Americans had typed “bitcoin” into Google search more often than “Kim Kardashian” and several other high-profile phrases such as “election results” and “royal wedding”. Other internal data noted that over 58% of Americans had heard of bitcoin before, and 37% specifically listed bitcoin when they were asked about cryptocurrencies. Ownership of cryptocurrencies was highest in California, New Jersey, and Washington by percentage of state population.

Read the full report from The Coinbase Blog here.

Goldman Sachs is “Absolutely” Looking at Digital Currencies

June 28 – David Solomon, the CEO of Goldman Sachs, told the French newspaper Les Echos that his firm is “absolutely” looking at digital currencies and the firm is already conducting “extensive research” on tokenization and other blockchain-based solutions. Back in February 2019, JP Morgan Chase said it had developed its own stablecoin, dubbed the “JPM Coin”, to help its clients conduct cross-border transactions. “Assume that all major financial institutions around the world are looking at the potential of tokenization, stable coins and frictionless payments,’’ said Solomon. “Do you believe that the tech giants, who have other concerns for the moment, want to submit to the same regulatory constraints as JPMorgan or Goldman Sachs? Of course, these companies have a lot of customers and will certainly try to monetize them. It seems to me, however, that they will try to seal partnerships with banks rather than become banks themselves.’’

Read the full article from Bloomberg here.

Binance in “Preliminary” Talks for Listing Facebook’s Libra Coin

June 29 – Facebook’s cryptocurrency, the Libra, may be traded on secondary trading platforms apart from its own wallet system, Calibra. Binance, a leading crypto exchange with hundreds of cryptocurrency pairs, has suggested that they are in preliminary talks with Facebook to list the coin on their exchange. Gin Chao, the Chief Strategy Officer of Binance, noted that Binance officials are in currently in contact with Facebook to list the coin, although the talks are still in their preliminary stages. “With regarding to listings specifically, right now they are going to be on a so-called ‘private chain.’ So that means they won’t be looking for external liquidity. However, from what we understand the potential to be, that would lead them to wanting a secondary market. Currencies benefit from a secondary market, so it would be in their best interest to want to be listed.”

Read the full article from CCN here.

NAV as at June 28, 2019

Returns as at June 28, 2019

3iQ Global Cryptoasset Fund (Class A)

Underlying cryptoasset prices sourced from Bloomberg. The inception date of TIQ101 is April 3, 2018. View charts and more fund data at here.

3iQ Corp. (“3iQ”) is the first Canadian investment fund manager to agree to terms and conditions with the Canadian securities regulatory authorities which permit 3iQ to manage a multi-cryptoasset investment fund available to Canadian accredited investors. 3iQ provides accredited investors with exposure to bitcoin, ether, and litecoin through its 3iQ Global Cryptoasset Fund.

Accredited Investors: Invest Here

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This Weekly Cryptoasset Newsletter is for informational purposes only and does not constitute, either explicitly or implicitly, any provision of services or products by 3iQ Corp (“3iQ”). Investors should determine for themselves whether a particular service or product is suitable for their investment needs or should seek such professional advice for their particular situation.3iQ Corp. makes no representation or warranty to any investor regarding the legality of any investment, the income or tax consequences, or the suitability of an investment for such investor. All content is original and has been researched and produced by 3iQ unless otherwise stated therein. No part of the content may be reproduced in any form, or referred to in any other publication, without the express written permission of 3iQ. All statements made regarding companies, securities or other financial information contained in the content or articles relating to 3iQ are strictly beliefs and points of view held by 3iQ and are not endorsements of any company or security or recommendations to buy or sell any security. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. By visiting and/or otherwise using the 3iQ website in any way, you indicate that you understand and accept the terms of use as set forth on the website and agree to be bound by them. If you do not agree to the terms of use of the website, please do no access the website or any pages thereof. Any descriptions of, references to, or links to other products, publications or services does not constitute an endorsement, authorization, sponsorship by or affiliation with 3iQ with respect to any linked site or its sponsor, unless expressly stated by 3iQ. Any such information, products or sites have not necessarily been reviewed by 3iQ and are provided or maintained by third parties over whom 3iQ exercises no control. 3iQ expressly disclaims any responsibility for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites. The information contained herein, while obtained from sources believed to be reliable, is not guaranteed as to its accuracy or completeness and confers no right on purchasers. Past performance of cryptoassets is not indicative of future performance and should not be used to forecast any return that an investor may realize.

Fred Pye

Frederick T. Pye


Frederick T. Pye is the Chairman, Chief Executive Officer and Director of 3iQ Corp. He is also the Chairman and Director of 3iQ Digital Holdings Inc. Mr. Pye is recognized for creating and promoting creative and unique investment products for the investment industry.

Mr. Pye has managed private client portfolios with Landry Investment Management and various other investment dealers. Prior to this Mr. Pye was Founder, President & Chief Executive Officer of Argentum Management and Research Corporation, a company dedicated to managing and distributing quantitative investment portfolios including the first long-short mutual fund in Canada.

He was also Senior Vice-President and National Sales Manager of Fidelity Investments Canada and an integral part of the team that saw assets rise from $80 million to over $7.5 billion in assets under management during his tenure. He also held various positions with Guardian Trust Company, which listed the first Gold, Silver and Platinum Certificates on the Montreal Exchange.

Mr. Pye obtained a Masters in Business Administration from Concordia University.