$76M Ether Fund Makes ‘World First’ IPO on Canadian Stock Exchange

$76M Ether Fund Makes ‘World First’ IPO on Canadian Stock Exchange
(Lester Balajadia/Shutterstock)

An Ethereum-based fund has completed its initial public offering (IPO) on the Toronto Stock Exchange (TSX).

According to a on Thursday, Canadian investment fund manager 3iQ announced the sale of more than 7.2 million Class A and F units totaling gross proceeds of around $76.5 million. The Ether Fund Class A Units, aimed at all investor types, have under the symbol QETH.U. Investors in the U.S. are specifically excluded, however.

3iQ successfully launched a similar earlier this year. The ether product’s exchange listing marks a “world first,” according to by the fund manager on Thursday.

The fund is aimed to provide investors with the ability to purchase shares in the fund and receive exposure to changes in ether’s price over time, providing investors with “the opportunity for long-term capital appreciation,” per the statement. Ether is the native cryptocurrency of the blockchain network.

U.S.-based cryptocurrency exchange Gemini said it will provide of the fund’s assets. The exchange’s co-founder, Tyler Winklevoss, declared it was “huge news for Ethereans,” in .

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