3iQ’s Ethereum Fund raises $76.5 million in IPO

The Canadian company 3iQ completed the initial public offering of The Ether Fund. The Ethereum-based fund raised $76.5 million.

Now available in brokerage and registered retirement accounts…….

The Ether Fund (TSX:QETH.U) is the world’s first regulated and major exchange-listed ETH fund https://t.co/L2U7JCutf3 pic.twitter.com/8PfgJgQcpK

— 3iQ Corp (@3iq_corp) December 10, 2020

Securities under ticker QETH.U began trading on December 10 on the Toronto Stock Exchange. Trades started at $10.80. The price reached an intraday high of $11.48 and then stabilized around $11.

Details of the forthcoming IPO of 3iQ’s Ethereum Fund became known last week. According to press release, a total of 7,240,000 Class A and Class F shares were issued. The custody of the fund’s Ethereum assets has been entrusted to Gemini’s custody arm of the Winklevoss brothers’ exchange.

The value of crypto assets under management by 3iQ has surpassed C$400 million. The company is focused primarily on Bitcoin, Ethereum and Litecoin.

Just over a year ago, 3iQ received approval to launch a retail Bitcoin fund. In October this year, trading of the Bitcoin fund’s shares under the ticker QBTC on the Toronto Stock Exchange began.

Earlier in November, the value of Grayscale Ethereum Trust assets surpassed $1 billion.

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