3iQ’s Ether Fund Completes IPO on TSX, Raises $76.5 Million

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The Ether Fund, managed by Toronto-based investment manager 3iQ Corp, has completed an initial public offering and is set to begin trading on the Toronto Stock Exchange (TSX).

The new fund sold 7.24 million Class A and Class F units, which yielded $76.5 million in aggregate proceeds. Class A Units will be listed under the symbol ‘QETH.U’ and initially intended to raise a minimum of $10.75 million and a maximum of $107.5 million. Class F Units will not be listed on a stock exchange but will be reclassified as Class A Units immediately upon closing the offering.

To lend support to the fund, 3iQ said it addressed the questions of pricing, custody, audit, and public interest issues in a regulated investment fund. It acts as the investment and portfolio manager of the fund, while New York-based crypto exchange, Gemini Trust will fulfil the functions of the custodian of around $75 million worth of ETH held in the fund.

Gemini founder Tyler Winklevoss elaborated just before trading began:

The exchange-traded product would provide stockholders with direct exposure to Ether value. The non-redeemable investment fund also aims to achieve capital appreciation through a long-term holding strategy. To…

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