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The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets.
Bitcoins in its pure essence is money. It is digital currency that serves the same functions and pu…

3iq Files IPO for Ether Fund to Trade on Canadian Stock Exchange

3IQ Files IPO for Ether Fund to Trade on Canadian Stock Exchange

3iq has filed for an initial public offering (IPO) of its Ether Fund in Canada. The Canadian fund manager’s Bitcoin Fund is already trading on the Toronto Stock Exchange. The Ether Fund has been preliminarily green-lighted by a Canadian regulator.

Ether Fund’s IPO

Canadian investment fund manager 3iq Corp. announced Friday that its Ether Fund has filed for an IPO with the securities regulators in all provinces and territories of Canada, except for Quebec. Furthermore, its preliminary IPO prospectus has been green-lighted by a regulator.

A closed-end investment fund managed by 3iq, the Ether Fund intends to raise a minimum of $10.75 million and a maximum of $107.5 million by issuing Class A units at $10.75 and Class F units at $10.53. The Ether Fund reportedly aims to list on the Toronto Stock Exchange (TSX) as does the Bitcoin Fund.

The company explained that the Ether Fund’s investment objectives are to provide investors 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.”

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

The company launched the Bitcoin Fund on April 9; it is currently listed on the Toronto Stock Exchange under the ticker symbol QBTC.U. Its benchmark index is MVIBTC. Cidel Trust Company and Gemini Trust Company provide custody services for the product. The Bitcoin Fund completed a $48 million offering in May and a $10 million offering in June.

What do you think about the Ether Fund IPO? Let us know in the comments section below.

The post 3iq Files IPO for Ether Fund to Trade on Canadian Stock Exchange appeared first on Bitcoin News.



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