Canada debuts in Ethereum-based ETF after raising around $75 Million

Canada debuts in Ethereum-based ETF after raising around $75 Million

The Toronto Stock Exchange is reportedly getting its first official Ethereum-based ETF fund as 3iQ raised over $75 from Canadian investors. Further, 3iQ has announced, The Ether Fund, a tradable asset like ETF has been listed on the Toronto Stock Exchange effective today. Reportedly, the fund is being handled by 3iQ and would hold around 134,000 ETH, which would be handled by Gemini Custody services.

This official listing culminates years of efforts towards including digital asset trusts to Canadian stock exchanges, providing exposure to ETH to the new set of investors.

As per credible sources, on December 3, 3iQ received approval for Ether Fund, with the capacity to raise nearly $107.5 million for initial purchase of ETH. The fund will trade under the ticker QETH.U and has seen over $310,000 in volume on the first day of trading. The product can be traded just like any other stock on the TSX and can track the price of Ethereum.

Commenting on the matter, Managing Director of 3iQ, Tom Lombardi has stated that their charter at 3iQ is to bring digital assets to the listed markets in a convenient and familiar fund format. Lombardi further stated that the Ether Fund being Canada’s first regulated and prominent exchange listed ETH fund is a next step in 3iQ’s journey. Both the Bitcoin Fund and The Ether Fund can also be held in Canadian registered retirement accounts.

For the records, 3iQ is a Canada based digital asset investment manager holding more than C$400 million assets under management. After years of working with regulators to approve the fund, in April 2020, 3iQ initiated Canada’s first public Bitcoin ETF.

Apparently, 3iQ is not the only investment manager involved in digital assets. US based Grayscale, a renowned company in exchange traded digital asset funds, divided its Ethereum stock of $1.6 billion on December 2, and purchased an additional $58 million in ETH with $266 million worth of Bitcoin on December 10.

Source credit: https://decrypt.co/51109/ethereum-etf-goes-live-canada-75-million-raise