In a recent development, Canadian regulated digital asset investment fund manager, 3iQ, has begun ether (ETH) staking for its institutional quality funds. The move, which was initially hinted at in June, includes The Ether Fund and those with ticker symbols TSX: QETH.UN, QETH.U and TSX: ETHQ, ETHQ.U.
The staking process is expected to yield ETH rewards and boost their net asset value with an estimated 4% yield based on Ethereum network rates. This makes the 3iQ Ether ETF the first global Ether ETF to engage in staking. To mark this innovation, the management fee for the Ether ETF will be waived until March 2024.
Starting from Friday, the Ether ETF will trade under a new name, "3iQ Ether Staking ETF". This groundbreaking initiative illustrates 3iQ's commitment to innovation in Canada's exchange-traded product space for digital asset investment solutions.
The firm is collaborating with Coinbase (NASDAQ:COIN) and Tetra Trust to establish new norms in this space. Investors are being offered an additional yield from the Ethereum network's "Proof of Stake" consensus mechanism. Fred Pye, CEO of 3iQ, emphasized their unwavering commitment to innovation and the unique opportunity for investors to participate in Ethereum's upward growth.
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