TL:DR Breakdown:
- 3iQ’s Ether fund has been approved for listing on the Toronto stock exchanges.
- The product exposes more Canadian investors to the underlying asset.
3iQ’s Ether fund is set for listing on the world’s ninth-largest stock exchange by market capitalization, the Toronto Stock Exchange (TSX). The fund would grant Canadian investors more exposure to the second-largest digital currency with a market valuation of around $68 billion. This comes as the Canadian investment fund manager, 3iQ was gained regulatory receipt to list the product as an initial public offering (IPO) on the exchange.
Canadian investors to access 3iQ’s Ether fund on TSX
Per the announcement, the investment manager said it filed for the Ether fund listing with several securities regulators in the different territories and provinces in the country. With the receipt, it should be offered as an IPO at $10.75 per Class A Unit and $10.53 per Class F Unit. In compliance with the exchange’s requirements, the 3iQ’s Ether fund was conditionally approved for listing on TSX as Class A Units under the ticker “QETH.U”
The “Class F Units will not be listed on a stock exchange but will be reclassified as Class A Units immediately upon the closing of the Offering,” the announcement reads. The 3iQ’s Ether Fund is expected to be closed on December 10. 3iQ noted that the minimum and maximum size of the offering are fixed at $20 million and $107.5 million, respectively. The company will also serve as the portfolio and investment manager of the Ether fund.
More exposure to Ether
Ultimately, the offering acts as another investment vehicle for Canadian investors to access and invest in the second-largest cryptocurrency in a risk-mitigated manner. Despite the fact that the fund provider is based in Canadian, the price of 3iQ’s Ether Fund on the stock exchange will be tracked in the United States dollar.
This is coming a month after 3iQ bagged regulatory approval from the Ontario Securities Commission (OSC) to list its Bitcoin fund
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