Polychain Capital, a cryptocurrency hedge fund from San Francisco, recently announced that it will not hold its initial public offering (IPO) in Canada and that there have been no talks with major institutions about the possibility of doing so.

The announcement came in the wake of a Bloomberg report which had mentioned that even though the company had been in talks about the IPO, it is not moving forward with its decision for now.

The article had reported that the fund had been in talks to consider raising around $325 million in Canada, through a share sale accompanied by a listing at the Toronto Stock Exchange.

The article had also mentioned that the talks had been confirmed by the fund’s CEO, Olaf Carlson-Wee, but that he had further confirmed that Polychain would not be moving forward with its plans for the IPO in Canada.

Turns out that was not an accurate piece of information

However, speaking to news sources, a company official denied the reports by Bloomberg and stated that the article did not report facts. He further mentioned that Polychain, which held an investment capital of around $250 million under its management as of September 2017, had never contacted any bankers and it had never planned on pursuing an IPO in the first place.

Following these developments, it is clear to say that Polychain might not be seeking an IPO in Canada or another region anytime soon.

It would have marked a development in crypto funds

The number of cryptocurrency capital management firms has increased significantly over the past year. The organizations that have been involved in the ventures are mostly startups with seasoned investment bankers spearheading them, but if the murmur around the cryptocurrency community is any indication, then almost everyone looks forward to the day when conventional hedge funds also start looking towards moving into this space.

While esteemed firms such as BlackRock have brushed away any plans of investing in cryptocurrencies shortly by citing their volatility and instability, the cryptocurrency community still has its hopes intact.

While most experts do not suggest that anything could happen with investment mammoths such as BlackRock within the next few months, they do think that other hedge funds could certainly consider investing in cryptocurrency based investment products.

It has been more than a month since Bitcoin futures first made their debut on the Chicago Board Options Exchange followed by their appearance at the CME Group, and people who had been excited about developments on cryptocurrency investment products have been waiting for more since then.

Cryptocurrency ETFs might take more time than expected

The U.S. Securities and Exchange Commission (SEC), on the other hand, recently raised a few questions on the management of exchange-traded funds (ETFs), mentioning that it had been apprehensive about the lack of security regarding volatility for these funds. This alludes to the possibility of ETFs not making it to available markets in a few weeks’ time at the very least.