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#CryptoCorner: 3iQ Files Preliminary Prospectus for Bitcoin Fund, Hut 8 (TSX: HUT) Completes $7 Million Purchase

 

Point Roberts, WA and Delta, BC - November 29, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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https://www.investorideas.com/Audio/Podcasts/2019/112919-CryptoMarket.mp3

#CryptoCorner: 3iQ Files Preliminary Prospectus for Bitcoin Fund, Hut 8 (TSX:HUT) Completes $7 Million Purchase

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3iQ Files Preliminary Prospectus for Bitcoin Fund, Russia’s Central Bank Supports Crypto Payments Ban, Germany Passes Bill Allowing Banks to Sell and Hold Crypto and Hut 8 Completes $7 Million Purchase

Stocks discussed (TSX:HUT)

Canadian investment fund manager 3iQ Corp (TSX:0P0001DH7Y) has filed a preliminary prospectus for its close-end Bitcoin fund, which is expected to be available on the Toronto Stock Exchange later this year, according to a report from Cointelegraph. The firm's President and CEO Fred Pye told the publication:

"We expect to list on the Toronto Stock Exchange in late December or early January. As a part of our next steps, we're hoping to get Canada's big banks on board. We're hoping that two or three of Canada's biggest banks, specifically ones that want to lead in fintech space, will join the syndicate group."

Russian state news outlet RIA Novosti reports that the country's central bank supports the idea of banning crypto payments. An unnamed representative of the central bank said:

"The only legal tender in the Russian Federation is the ruble. We continue to believe that cryptocurrencies carry significant risks, including in the field of laundering of proceeds from crime and the financing of terrorism, as well as during exchange transactions due to sharp exchange rate fluctuations."

"In our opinion, private cryptocurrencies cannot be equated with fiat money and cannot be legal tender. If it is decided to ban cryptocurrencies as a means of payment at the legislative level, we consider it appropriate to support this position."

Meanwhile, in Germany a newly passed bill will enable banks to offer cryptocurrency holding and selling, according to local business outlet Handelsblatt. Sven Hildebrandt, head of the consulting firm DLC, said:

"Germany is well on its way to becoming a crypto-heaven. The German legislator is playing a pioneering role in the regulation of crypto."

Crypto mining firm Hut 8 Mining Corp. (TSX:HUT) has finalized the purchase of 9 Blockbox AC data centers for $7 million USD from the Bitfury Group at its facility in Drumheller, Alberta. The acquisition, now fully operational, adds 16 percent to Hut 8's capacity of operations. Hut 8 CEO Andrew Kiguel commented:

"This upgrade allows Hut 8 to take 100% ownership of the Drumheller facility, which will bring further cost savings. This upgrade was funded from Hut 8's balance sheet, which remains strong after this transaction and prior debt repayments."

Sam Mowers, Investorideas

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