3iQ files Ether Fund IPO to raise up to US $107.5M

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By CPE News

CPE News (7/24/2020) – The Ether Fund, a closed-end investment fund, has filed a preliminary prospect in connection with a proposed initial public offering of trust units.

The fund intends to raise a minimum of US $10.75 million and a maximum of US $107.5 million through the issuance of Class A units at US $10.75 and Class F units at US $10.53.

The Class F units are designed for fee-based and/or institutional accounts and will not be listed on a stock exchange and will be reclassified as Class A units on a one-for-one basis immediately upon the closing of the offering.

The fund intends to list its Class A units on the Toronto Stock Exchange (TSX).

The fund’s investment objectives are to seek to provide unitholders with exposure to digital currency Ether and the daily price movements of the U.S. dollar price of ETH; and the opportunity for long-term capital appreciation.

3iQ Corp. acts as trustee, manager, portfolio manager and promoter of the fund and will provide certain general management and administrative services.

Canaccord Genuity Corp. acts as the underwriter for the offering. Osler, Hoskin & Harcourt LLP and Blake, Cassels & Graydon LLP are acting as legal counsel to the fund and the underwriters respectively.

photo credit: WorldSpectrum