Following a successful IPO round, 3iQ’s Ethereum ETF has become the world’s first Ethereum-based fund to debut on a major stock exchange. The ETF was made available to stock traders and investors on the Toronto Stock Exchange (TSX) on Thursday.
The Ether Fund with ticker QETH.U opened for trading at $10.80 per share. However, trading did not begin immediately the fund went live. There was a slight delay in closing the fund’s IPO prospectus. Trading began two hours later, with 345,331 shares being traded for the remaining part of the day.
As per the price of the share, it reached an intra-day high of $11.48 before closing at $11.02, representing a 2.5% gain on a trading day.
Launched by Canada’s leading crypto asset fund manager, the fund provides a way for investors and traders to access the Ethereum market without actually purchasing or storing the digital asset themselves.
As earlier reported, assets backing the funds are being held by Gemini Custody.
In a report released earlier this month, 3iQ was ranked the third-largest public digital asset manager in the world. 3iQ stressed the importance of offering crypto-backed securities on major stock exchanges whilst announcing the opening of QETH.U trading on TSX.
Gaining access to digital assets [...] can be daunting, costly, and inconvenient. 3iQ offers investors convenient and familiar investment products to gain exposure to digital assets.