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Grayscale revealed that there had been a significant increase in Ethereum investors in 2020.
The Ethereum fund would now be available in Canada on the Toronto Stock Exchange (TSX). According to a Finance Magnates report, Canada’s leading digital asset fund manager 3iQ would be launching an initial public offering (IPO) of the Ether Fund before the end of the week.
According to 3iQ Corp, the fund manager has received regulatory approval to list its Ether Fund under the ticker QETH.U. Also, approval by the securities regulatory authorities in Canada will allow 3iQ to sell Class A Units at a price of $10.75 each and Class F Units at $10.53 per unit.
Ethereum Fund on Toronto Stock Exchange
The report also noted that Class F Units would not be listed on a stock exchange but would be reclassified as Class A units after the closing of the IPO. Scheduled to close on the 10th of December, the offering is expected to raise a minimum of $10.75 and a maximum of $107.5 million.
Upon acquisition of the units, stakeholders will have direct exposure to Ether value.
On the 3rd of December, 3iQ commented on the upcoming listing:
“The concept of Ethereum was developed in Canada in 2013 and subsequently launched by a group of technologists from all over the world.”
Ethereum Attracts More Institutional Investors
Recently, leading digital currency asset manager Grayscale Investments LLC said investors are growing interests in “Ethereum only.” Although Bitcoin has also been attracting a lot of attention over time, especially with its constant gains and new highs. Grayscale managing director Michael Sonnenshein revealed that there had been a significant increase in Ethereum investors in 2020.
Speaking to Bloomberg in a phone interview, Sonnenshein said:
“Over the course of 2020 we are seeing a new group of investors who are Ethereum first and in some cases Ethereum only. There’s a growing conviction around Ethereum as an asset class.”
Bloomberg noted that the Grayscale Ethereum Trust has 29.6 million shares outstanding for 2020. This is more than the 5.2 million shares available in December 2019. Also, inflow into the Grayscale Ethereum Trust grew to $204.1 million in 2020 Q4, inflows were $20.1 million. Notably, about 17% of all inflows into the Grayscale Etherem Trust in 2020 Q3 were from new institutional investors. This shows the increased adoption of cryptocurrencies among institutional investors since the beginning of the year.
At press time, Ethereum (ETH) is up 0.67% t0 $595.75. With a market capitalization of over $67 billion, ETH has more than $12 billion in trading volume over the last 24 hours. Also, Ether is up about 300% in its year-to-date record and poised to further growth. On the other hand, Bitcoin has climbed about 170% since the year began.
In addition, Grayscale has announced a nine-for-one split for its Ethereum Trust on the 17th of December. The stock split would provide an additional eight shares for each share. The benefit would be available to all shareholders as of the 14th of December.