Next week, Canadian digital asset investment manager 3iQ will be launching an IPO for the world’s first Ethereum ETF, The Ether Fund, on the Toronto Stock Exchange (TSX) under the ticker QETH.U.
The maximum offering for the launch is $100 million, and the closing date of the offering will be no later than December 10, 2020. 3iQ counts more than $400 million CAD under management, and maintains a focus on Bitcoin, Litecoin, and Ethereum.
In a press release on Thursday, 3iQ noted that this listing comes with a patriotic backstory.
“The concept of Ethereum was developed in Canada in 2013 and subsequently launched by a group of technologists from all over the world,” the company said.
Ethereum’s co-founder and figurehead, Vitalik Buterin, is Canadian-Russian, and his family moved to Toronto when he was six years old.
Traders south of Canada’s borders have demonstrated a remarkable appetite for publicly available Ethereum investment vehicles. Despite a price premium which at points creeped upwards of 500% relative to net asset value for ETHE, Grayscale’s Ethereum trust, the digital assets behemoth reports that more and more investors have been piling in.
These funds and trusts are the preferred investment method for many traders who are unable or unwilling to provision their own cryptocurrency custody and security options.
Additionally, traders have enjoyed a proliferation of new fund offerings across the globe in recent months. In November alone, Gold giant VanEck launched a Bitcoin exchange traded note product in Germany, the VanEck Vectors Bitcoin ETN, and 3iQ also introduced The Bitcoin Fund to Canada.
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Source Cointelegraph: cointelegraph.com/news/ethereum-etf-to-debut-on-the-toronto-stock-exchange