Posted 1 year ago | by @devadmin

Ethereum will soon be available for Canadians to purchase in the form of an ETF or Exchange-traded fund.

The fund is being launched by Canadian digital asset investment manager 3iQ as the world’s first IPO for an Ethereum ETF. The fund will be called, The Ether Fund, traded on the Toronto Stock Exchange (TSX) under the ticker QETH.U. For many older institutional investors who are used to the stock market, the process of opening an exchange account, depositing capital, then buying cryptocurrency is complicated. So ETFs offer a way for these older folks who don’t want to learn something new to invest in the future of cryptocurrency.

Cointelegraph reports that the maximum offering for the fund’s launch is $100 million, and the closing date of the offering will be December 10th, 2020. 3iQ has more than $400 million CAD under its management with a focus on Bitcoin, Litecoin, and Ethereum.

In a press release the company responsible for deploying the IPO for Ethereum, 3iQ expressed that the listing comes with a backstory.

“The concept of Ethereum was developed in Canada in 2013 and subsequently launched by a group of technologists from all over the world,”3IQ said.

The company originally filed for an IPO earlier this year in July where its preliminary IPO  was initially approved by Canadian regulators.

3IQ previously explained that its motive for launching the funds was to  provide traders 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.”

Ethereum’s co-founder Vitalik Buterin is Canadian-Russian and first created Ethereum in Canada so it’s fitting the first ETF for Ethereum is launched in the country.

In recent months we have seen other funds open up for mostly Bitcoin, with the latest being VanEck in Germany who created a Bitcoin ETF, as Bitboy Crypto reported.

3IQ’s Bitcoin ETF has been trading on the Toronto Stock Exchange since April 9th.

Founded in 2012, 3iq currently manages the Bitcoin Fund and the 3iq Global Cryptoasset Fund, a private fund available to accredited investors in Canada.  While the company holds BTC, ETH, and LTC.

It’s worth noting for readers this isn’t the first Blockchain exchange-traded fund to be approved in Canada. In 2018, Harvest Portfolios, an independent Canadian investment management company, filed for its Blockchain Technologies ETF which launched on the TSX under the ticker: HBLK.

Etherum is currently trading at [FIAT: $593.73] UP +0.9% in the last 24 hours according to Coingecko at the time of this report.