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3iQ Launches a $76 Million Ether Fund IPO On Toronto Stock Exchange

Canadian investment manager 3iQ has launched an Ethereum based fund on the Toronto Stock Exchange (TSE), as announced in a press release on December 10. The fund, traded under the symbol QETH.U, comprises more than 7.2 million Class A and F units, totaling a staggering amount of around USD 76.5 million.

This fund is aimed at investors of all types, but it is important to note that investors in the US cannot participate in the trading of this fund. This is because the fund is not registered under the U.S Securities Act, 1993.

3iQ News Huge for Ether

Gemini, a US-based cryptocurrency exchange is set to be the exclusive custodian of the fund’s asset, and many are already dubbing it as huge news for all Ethereans. Gemini is a New York-based trust company, regulated by NYDFS (New York State Department of Financial Services). Founded in 2014, Gemini is currently one of the safest and trusted cryptocurrency exchanges across the globe. 

This ether product, dubbed as a “world’s first”, aims to provide investors with the opportunity to receive exposure to the “digital currency ether, and the daily price movements of the USD price of Ether” (ether being the native cryptocurrency of the Ethereum blockchain network) and the opportunity for “long-term capital appreciation”.  

3iQ, Canada’s largest digital asset investment fund manager, has had previous success in the launch of a Bitcoin-based fund (traded under the symbol QBTC.U) as well as 3iQ Global Cryptoasset Fund,  a private fund holding bitcoin, Ether, and Litecoin.

It is significant to note that 3iQ was the first Canadian investment fund manager to agree to the terms and conditions laid down by the Canadian authorities to enable such cryptocurrency funds available for various investors. As of December 9, 3iQ corp is the third-largest public digital asset manager in the world.

Disclaimer: CoinCrunch.in content is informational in nature and is not meant to be investment advice. Buying, trading or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their due diligence before making any decisions. © 2020 CoinCrunch
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