Ethereum ETF Went Live In Canada After Raising $75M From Investors

The Ethereum ETF, the Ether Fund product on the Toronto Stock Exchange, has been officially listed after managing to raise up to $75 million from investors so let’s read more about it in the latest Ethereum news.

The Ether Fund is an exchange-traded fund based on the ETH price and it has officially been listed on the Toronto Stock Exchange after raising more than $75 million and it will be secured by Winklevoss’s Gemini Custody. The Toronto Stock Exchange is getting its first Ethereum ETF after 3iQ Ether Fund, raised about $75 million from Canadian investors. 3iQ announced the Ether Fund which is an ETF-like tradeable asset that is listed on the Toronto Stock Exchange and managed by 3iQ itself, which will hold 134,000 ETH that are managed by Gemini Custody. The official listing caps off many years of hard work, trying to bring digital assets trust to Canadian exchanges that offer ETH exposure to a whole new class of investors.

Huge news for Ethereans. The Ether Fund by @3iq_corp will list on the Toronto Stock Exchange ($QETH) tomorrow morning. The fund has already raised ~$75MM. All $ETH will be held by @Gemini Custody. To the moon! 🚀

— Tyler Winklevoss (@tyler) December 10, 2020

3iQ received the green light for the Ether Fund with the capacity to raise up to $107.5 million for the initial purchase of ETH. The fund will then trade under the QETH.U ticker and now has about $310,000 in volume on the first day of trading. The product can be traded similarly to other stocks on the TSX and will track the price of ETH as well. Managing director of 3iQ Tom Lombardi said:

“Our charter at 3iQ is to bring digital assets to the listed markets in a convenient and familiar fund format. The Ether Fund (TSX:QETH.U) is the country’s first regulated and major exchange listed ETH fund, and is the next step in our company’s journey. Both The Bitcoin Fund and The Ether Fund can also be held in Canadian registered retirement accounts.”

3iQ is not the only investment manager making it easier to invest in the digital assets now since Grayscale which is a US-based company, split its ETH stock worth $1.6 billion and purchased more than $58 million in ETH and $266 million in BTC. Grayscale increased the regulatory status to a SEC reporting company and secured about $1 billion in crypto investments overall in Q3 2020.

US-based Microstrategy traded under the ticker MSTR which also became a BTC investment vehicle with the CEO Michael Saylor leading the company into another BTC purchase worth $425 million. The company also plans to sell $550 million in additional equity to purchase more BTC.