On Thursday, the Canadian investment fund manager announced that 3iQ’s Ether Fund had completed its initial public offering (IPO) of 7,240,000 shares for $76.5 million. It has started trading on the Toronto Stock Exchange under the symbol QETH.U.
The trading started a couple of hours late due to a delay in closing the IPO prospectus. On resumption, the fund recorded a high of $11.48 and a low of $10.80 before ending the day at $11.02, with 345,331 shares traded across the day.
The Fund provides its holders’ exposure to the second-largest digital currency and an opportunity for “long-term capital appreciation.” Tyler Winklevoss, the co-founder and CEO of crypto exchange Gemini which will provide its custody services to the company, tweeted,
“Huge news for Ethereans. The Ether Fund by @3iq_corp will list on the Toronto Stock Exchange ($QETH).”
The Ether Fund by @3iq_corp is now listed on the Toronto Stock Exchange ($QETH). Congratulations to the team on this major achievement!
— Gemini (@Gemini) December 10, 2020
Ether’s price has been choppy for the past few weeks, going down to $535 today.
However, as we reported, institutional investors have been taking this dip as an opportunity to scoop more and more ETH through Grayscale’s ETHE product.
While nearly 3 million ETH are locked in ETHE, more than 1% of ETH’s circulating supply is deposited in ETH 2.0, and 6.1% of it is locked in DeFi protocols.