The world’s first ethereum Exchange Traded Fund (ETF) has raised $75 million, a lot more than the minimum of $20 million according to Tyler Winklevoss of Winklevoss Capital.
This is just days after its Initial Public Offering (IPO) on December the 5th, with the initial offering closing today.
The ethereum ETF is now to debut on the Toronto Stock Exchange tomorrow, joining the bitcoin ETF which now handles $320 million months after it launched in June.
Winklevoss’s Gemini is the custodian for the ETF which is not available to Americans as it is not registered with the Securities and Exchanges Commission.
It is fully compliant with Canada’s securities laws, however, with their regulator giving the greenlight to the issuer, 3iQ, last week.
Meaning Canadians, Europeans and many others that can access the Toronto Stock Exchange can buy ethereum in a stock traded fund from tomorrow.
So opening a new avenue for tapping into eth which is attracting the most attention after bitcoin from investors.
That could now potentially mean even pension funds as the ethereum ETF under the ticker of QETH.U bypasses certain restrictions that demand pension funds are invested mostly into stocks.
Omers, Canada’s biggest pension fund, bought eth in 2018, but that was within their limit of 10% for all commodities, including gold, oil and things like coffee.
Now they and other institutional investors can allocate more freely as after three years of waiting, the world’s first ethereum ETF goes live.