$76M Ether Fund Makes 'World First' IPO on Canadian Stock Exchange
3iQ said its Ether Fund has completed an initial public offering on the Toronto Stock Exchange, calling it a "world first."
Dec 11, 2020 at 8:40 a.m. UTC
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An Ethereum-based fund has completed its initial public offering (IPO) on the Toronto Stock Exchange (TSX).
According to a press release on Thursday, Canadian investment fund manager 3iQ announced the sale of more than 7.2 million Class A and F units totaling gross proceeds of around $76.5 million. The Ether Fund Class A Units, aimed at all investor types, have opened for trading under the symbol QETH.U. Investors in the U.S. are specifically excluded, however.
3iQ successfully launched a similar bitcoin fund earlier this year. The ether product's exchange listing marks a "world first," according to a tweet by the fund manager on Thursday.
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The fund is aimed to provide investors with the ability to purchase shares in the fund and receive exposure to changes in ether's price over time, providing investors with "the opportunity for long-term capital appreciation," per the statement. Ether is the native cryptocurrency of the Ethereum blockchain network.
U.S.-based cryptocurrency exchange Gemini said it will provide exclusive custody of the fund's assets. The exchange's co-founder, Tyler Winklevoss, declared it was "huge news for Ethereans," in a Thursday tweet.
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