An Ethereum ETF debuts on the Toronto Stock Exchange

Canada’s digital asset investment manager next week 3iQ starts an IPO for the world’s first Ethereum ETF, The Ether Fund, on the Toronto Stock Exchange (TSX) under the symbol QETH.U.

The maximum offer for launch is $ 100 million. The deadline for submitting the offer is December 10, 2020. 3iQ manages more than CAD 400 million and continues to focus on Bitcoin, Litecoin and Ethereum.

In a press release on Thursday, 3iQ stated that this list had a patriotic backstory.

An Ethereum ETF debuts on the Toronto Stock Exchange
An Ethereum ETF debuts on the Toronto Stock Exchange

“The Ethereum concept was developed in Canada in 2013 and then introduced by a group of technologists from around the world,” the company said.

Ethereum co-founder and figurehead Vitalik Buterin is Canadian-Russian and his family moved to Toronto when he was six.

Traders south of the Canadian borders have shown a remarkable appetite for publicly available Ethereum investment vehicles. Despite a price premium that has increased more than 500% in some places compared to the net asset value of ETHE, Grayscale’s Ethereum trust, the digital asset giant reports that more and more investors have been hoarding.

These funds and trusts are the preferred investment method for many traders who are unable or unwilling to provide their own security and custody options for cryptocurrencies.

In addition, traders worldwide have received a large number of new fund offers in recent months. In November alone, the gold giant VanEck launched a product of bonds traded on the German Bitcoin market, the VanEck vectors Bitcoin ETN, and 3iQ also launched the Bitcoin fund in Canada.

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