September 17 – 23, 2018 | Canadian Regulators, ETF Delays & More Crypto News

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

Howard Atkinson: Bitcoin Regulation “Should be Now”

September 18 – Howard Atkinson, chairman of 3iQ Corp and the former president of Horizons ETFs, has expressed frustration that regulators have not been able to establish a secure regulatory framework for cryptoassets. In their recent white paper, 3iQ Corp highlights that Canadian retail investors are being exposed to unnecessary risks by investing in Bitcoin through exchanges which often operate outside of Canada. Howard Atkinson believes that there is a need for fully regulated Bitcoin funds to increase investor comfort and to help build an industry in Canada.

“We think regulation should be now. The regulators have done otherwise thus far. We’ve been working with the Ontario regulator for almost for two years and we have proudly gone through the front door and worked with them,” said Atkinson. “We continue to address their issues and questions and feel that every time they’ve come back with issues and questions, we’ve been able to satisfy properly all their questions and provide that level of comfort that investors should have if they are going to invest in the space. I guess what’s been frustrating for us is that we’ve seen others not go in the front and do reverse takeovers and then end up owning crypto assets in a listed security without all the benefits of the regulations that should be put in place to give investors comfort to invest in these securities.”

Read the full article here.

SEC Delays Bitcoin ETF Decision Again

September 20 – The US Securities and Exchange Commission (SEC) has again pushed back their decision on a Bitcoin ETF, expressing the need for more feedback before approval. The SEC has already received more than 1400 comment letters on a proposal from Van Eck Securities Corp. and SolidX Management. Unlike other proposed ETFs, the Van Eck and SolidX ETF will be physically-backed, whereas other proposed ETFs are expected to be priced on exchange indexes or futures contracts.

The SEC has invited for more feedback and comments, and those who wish to comment will have just 21 days after the order from the SEC is published to the Federal Registrar, and rebuttals will have just 35 days from that published date. The SEC is still investigating and seeking views on market manipulation and surveillance. In particular, the regulator wants to know if Bitcoin is less susceptible to market manipulation than other commodities that back ETFs.

Read the full article here.

Fidelity Investments May Release Crypto Products by End of Year

September 19 – Fidelity Investments, one of the world’s largest asset managers, is reportedly exploring cryptocurrency projects and expects to have a product announcement before the end of the year. Back in June 2018, there had been speculation that Fidelity may be entering cryptocurrency market through a cryptocurrency fund, or through the creation of an exchange. Last week at the Boston Fintech Week conference, Fidelity Investments’ CEO Abigail Johnson announced that the company is still exploring plans to move into the cryptocurrency industry. “We’ve got a few things underway, a few things that are partially done but also kind of on the shelf because it’s not really the right time. We hope to have some things to announce by the end of the year,” said Johnson.

The announcement by the end of the year will help solidify the entry of large institutional investors into the cryptocurrency industry. “What we started with was building a long list of use cases for either Bitcoin, Ethereum, other cryptocurrencies, or potentially just raw blockchain technology. Most of them have been scrapped by now or at least put on the shelf. The things that actually survived were not the things I think necessarily we expected. We were trying to listen to the marketplace and anticipate what would make sense,” said Johnson.

Read the full article here.

Michael Novogratz: Cryptocurrencies Have Bottomed

September 20 – Michael Novogratz, a former hedge-fund manager and founder of the cryptocurrency firm Galaxy Digital, believes that the cryptocurrency market has found a bottom. At the Yahoo Finance second annual All Markets Summit, Novogratz describes that the cryptocurrency market is currently experiencing “seller fatigue”. In addition, Novogratz believes that the largest cryptocurrency by market capitalization, bitcoin, is now in an upswing and showing signs of life. “Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value,” said Novogratz.

Novogratz has been one of the most outspoken advocates of bitcoin and cryptocurrencies on Wall Street. He believes that despite the slump in cryptocurrency prices, larger institutional players entering the market could take prices higher. Novogratz believes that banks may experience “FOMO” (fear of missing out) on the current cryptocurrency trend. “I think institutions are moving towards investing. It’s shocking how much has happened,” said Novogratz.

Read the full article here.

Goldman Sachs Alumni Crypto Fund Expands Workforce, Opens New Office

September 17 – BlockTower Capital, a cryptocurrency hedge fund co-founded by former Goldman Sachs investment manager Matthew Goetz, has reportedly increased its workforce this year and opened a second office despite falling cryptocurrency prices. BlockTower Capital, which has its headquarters in Stamford, Connecticut, opened up a second office in New York just last month, and now employs 13 people, up from about 8 from the start of the year. BlockTower Capital’s expansion signals that despite falling cryptocurrency prices, cryptocurrency hedge funds still haven’t been wiped out. According to the EurekaHedge Cryptocurrency Hedge Fund Index, cryptocurrency funds are down about 52% this year, while Bitcoin is down about 54% from the start of the year.

Jessica Schaefer, who speaks on behalf of BlockTower Capital, has confirmed that the company has opened a second office and continues to expand its employee roster. The firm has also hired a number of industry professionals, including Corey Miller, from the venture capital firm Scout Ventures. The firm has also picked up Siyu Dai, a quantitative trader and algorithm developer at Bank of America Merrill Lynch and Nomura, and Steve Lee, a former trader at Goldman Sachs in Tokyo and Singapore.

Read the full article here.

3iQ Global Cryptoasset Fund: Price as at September 21, 2018

3iQ is the first regulator approved multi-cryptoasset portfolio manager in Canada, providing accredited investors with exposure to bitcoin, ether, and litecoin through its 3iQ Global Cryptoasset Fund.

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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.