News

3iQ Ethereum Fund gears up for listing on Toronto Stock Exchange

Saudu Clement
Saudu Clement

Canada’s leading bitcoin and crypto asset fund manager, 3iQ, is on the verge of getting listed on the Toronto Stock Exchange (TSX). By all indications, the company’s initial public offering for its Ethereum Fund will close today, December 10, 2020, after which the asset will be listed on the Toronto Stock Exchange.

According to Gemini founder Tyler Winklevoss, the fund has already raised around $75 million in ETH, and all the raised funds will be held by Gemini custody. The bitcoin billionaire was quite hopeful, noting that Ethereum could ‘moon’.

Earlier in December, 3iQ announced that the securities regulatory authorities in Canada had given a receipt for its final prospectus with regards to its IPO. Furthermore, the institutional investment firm noted that TSX has conditionally approved the listing of the Class A units. The price of each unit was pegged at US$10.75, with a minimum and maximum offering cap of $20 million and $107.5 million, respectively.

The primary object for the Ethereum fund is to provide its holders with:

Exposure to the digital currency Ether and the daily price movements of the U.S. dollar price of Ether, and the opportunity for long-term capital appreciation.

As earlier reported by BTCPEERS, a lot of “big money” is flowing into digital assets this time around. So, it doesn’t come as a surprise that a crypto hedge fund is seeking a stock exchange listing.