- Ninepoint Partners announced Wednesday that its Bitcoin Trust has completed an initial public offering (IPO) of CAD$230 million ($180 million).
- “It is the largest initial public offering of a bitcoin investment fund in Canada to date,” said John Wilson, Ninepoint’s co-CEO and managing partner.
- The fund’s Class A units are now trading on the Toronto Stock Exchange in both U.S. dollars and Canadian dollars under the symbols BITC.U and BITC.UN respectively.
- The fund seeks to provide investors with exposure to bitcoin “through an institutional-quality platform that is cost-efficient” to them and “to provide a secure, simpler and exchange-traded investment alternative for buying and holding bitcoin.” The fund invests in BTC directly.
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- The fund’s bitcoin will be valued based on the MVIS Cryptocompare Institutional Bitcoin Index, which is maintained by MV Index Solutions GmbH (MVIS) or a successor or alternative institutional-quality index. Ninepoint will act as the fund’s trustee and manager
- MVIS is a wholly-owned subsidiary of Van Eck Associates Corp., which recently filed applications to list and trade bitcoin exchange-traded funds with the U.S. Securities and Exchange Commission (SEC).
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