The first Ethereum-based fund in the world to be listed on a major stock exchange launched on Thursday for trading, but not without hiccups. Listed on the Toronto Stock Exchange, after concluding a profitable IPO in which $76.5 million was raised, the Ether Fund opened up for trading at $10.80 per share.
To the concern of the traders interested, the fund was not available for trading at the opening bell, which was officially halted due to a delay in closing the IPO prospectus of the fund. In fact, trading began two hours late, and the rest of the day there were 345,331 shares. Before closing at $11.02, the fund had hit an intra-day high of $11.48. This reflects a rise of 2.5% on a day when the price of ETH fell by about 0.5%, thus granting the price of QETH.U shares a premium.
The fund was introduced in a way that traders and investors can obtain an exposition into the market of Ethereum without having to buy, store or sell ETH themselves by Canada’s largest digital asset investment manager 3iQ. Per share in QETH.U at an average cost of $565 per ETH at the beginning of the trading day accounted for around 0.0187 ETH. Gemini Custody, the custodial arm of crypto-exchange Gemini, maintains the coins to support the shares of the fund.
According to cointelegraph.com, The Ether Fund, which was introduced to the exchange at the end of October, joins 3iQ’s other crypto-backed safe, The Bitcoin Fund. In a research report published earlier this month, 3iQ was the world’s third largest public digital asset fund. The firm emphasized in a press release with the launch of the QETH.U trade the value of selling crypto-backed securities in a global stock exchange: “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.”