Canadian investment fund manager 3iQ Corp said it has received regulatory receipt to float its Ether Fund through an initial public offering on the Toronto Stock Exchange.
A statement released today detailing the investment breakdown says the fund managed by 3iq is selling Class A units at $10.75 and Class F units at $10.53. The Ether Fund was conditionally approved to list on the Toronto Stock Exchange (TSX) as does the Bitcoin Fund.
Subject to the fulfillment of TSX requirements, the Class A Units will be listed under the symbol “QETH.U”, and intends to raise a minimum of $10.75 million and a maximum of $107.5 million. Class F Units will not be listed on a stock exchange but will be reclassified as Class A Units immediately upon closing the offering.
The proposed exchange-traded product would provide stockholders with direct exposure to Ether value. The non-redeemable investment fund also aims to achieve capital appreciation through a long-term holding strategy. To induce more and more buyers, there is no limit on minimum purchases.
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In spite of being traded on the Canadian exchange and operated by Canadian investment fund manager 3iq Corp, the value of the investment is denominated in U.S. dollars.
Toronto-based FinTech company launched Canada’s first regulated Bitcoin investment fund earlier in April. 3iQ also manages two private investment funds: 3iQ Bitcoin Trust and the 3iQ Global Cryptoasset Fund, which started as a private placement available only to accredited and institutional investors in Canada.
Earlier this year, 3iQ announced the merger of 3iQ Bitcoin Trust into The Bitcoin Fund, and are distributing class B units of the fund as qualified under the prospectus.
With the filing, the company hopes to attract retail investors to its dedicated Ethereum fund. Further, if deemed effective, the listing would allow investors who will purchase 3iQ shares in a private placement to sell their shares in the market.