The Ontario Securities Commission has granted an extension to the lapse date for the prospectus of 3iQ Corp’s Bitcoin and Ether ETFs. The original lapse date was March 31, 2023, but due to inadvertent delays caused by organizational changes, the pro forma prospectus was filed later than the required 30 days before the lapse date. To comply with the Securities Act, R.S.O. 1990, c. S.5, as amended, section 62(5), the new lapse date has been extended to April 30, 2023.
The decision was made on the basis that there have been no significant changes in the ETFs’ affairs since the current prospectus, except for an amendment filed on October 21, 2022. The extension is not expected to prejudice investors or the public interest, as the current prospectus and ETF facts documents remain accurate and available to investors. The extension aims to prevent disproportionately prejudicial effects on the capital markets and investors due to recent volatility in the digital asset market. The decision was made in accordance with the National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions.