The ETF, trading under the ticker symbol “QBTC,” is the first cryptocurrency fund to go public in the Middle East.
"Reaching $1 billion in only three weeks speaks to the enormous market demand for bitcoin," said Fred Pye, CEO of 3iQ.
A trio of ether ETFs were approved by Canadian regulators last week.
The gap between the GBTC share price and the implied price of the underlying bitcoin has collapsed to a 4% discount from a 35% premium late last year.
3iQ said its Ether Fund has completed an initial public offering on the Toronto Stock Exchange, calling it a "world first."
The Toronto Stock Exchange also listed The Bitcoin Fund in April of this year.
The listing comes after 3iQ spent several years in dialogue with the Ontario securities regulator.