Toronto-based 3iQ Corp in partnership with CoinShares today announced the launch of an Ethereum ETF on the Toronto Stock Exchange (TSX)
3iQ Corp is Canada’s leading bitcoin and digital asset fund manager, it launched the first Bitcoin ETF ever last year in Canada. Their funds are available to purchase for Canadians, even in a Tax-free savings account.
3iQ offers five different portfolios for investors at the moment. One Bitcoin fund and one ETF, one Ethereum fund and one ETF, and then a “Global crypto-assets fund”. The new ETF’s will trade in Canadian dollars under the symbol ETHQ, and in U.S. dollars under the symbol ETHQ.U.
It’s the 4th Ethereum ETF to launch in the space of a week in Canada and the eighth crypto ETF now trading in the country. Canada is so far the only country in North America to approve such investment products. With 3iQ’s new ETF, one simply buys shares that track the price of the underlying asset (ETH) and doesn’t have to worry about owning a cryptocurrency wallet and storage. Which makes it very beginner-friendly and convenient.
The first Bitcoin ETF that was offered last year was a huge success at launch. It sold $80 million worth of shares in the course of one hour. The 3 other Ethereum ETFs that launched in Canada this week racked up over $138 million in trading volume in only three days.
On the US side
The SEC has nine Bitcoin ETF applications to either approve or decline from high-profile companies. Galaxy Digital, SkyBridge Capital, the New York Digital Investment Group (NYDIG), VanEck, Bitwise, Fidelity Investments, Valkyrie, and Wisdom Trust have all applied.
Analysts expect a Bitcoin ETF will be made available for retail traders this year due to the huge demand from investors. But the SEC has previously said no to one because it doubts a Bitcoin market free of manipulation even exists.
But with the huge interest that was manifested toward those types of investment vehicles, the SEC may be forced to think again.