$76M Ether Fund Makes ‘World First’ IPO on Canadian Stock Exchange


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.

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.





Source link

Latest articles

China Securities Journal sounds alarm on financial risks related to Bitcoin and crypto

A broader consensus on strengthening the supervision of Bitcoin and crypto transactions is being formed, as per an opinion piece...

$2.38 billion ‘rekt’ in crypto markets as Bitcoin drops to $43,000

Over $2.38 billion worth of Bitcoin and other cryptocurrencies were liquidated in the past 24 hours as the market fell...

Wall Street veteran says these Tether risks are behind crypto market selloff

Wall Street veteran says these Tether risks are behind crypto market selloff ...

Here’s how stablecoins like DAI made an impact in the DeFi space

The crypto sector has witnessed growth since the decentralized finance (DeFi) summer of mid-2020. And diving deeper into the...

Related articles