Canadian investment management company Ninepoint has completed the initial public offering (IPO) of its Bitcoin fund on the Toronto Stock Exchange. The company stated that the offering is by far the largest IPO of a Canadian Bitcoin investment fund.
- Ninepoint Partners announced on Wednesday that its Bitcoin Trust has completed an initial public offering (IPO) of 230 million Canadian dollars (180 million US dollars).
- John Wilson, co-CEO and managing partner of Ninepoint, said: “This is the largest Bitcoin investment fund IPO in Canada to date.”
- Class A units of the fund are now traded in U.S. dollars and Canadian dollars on the Toronto Stock Exchange under the symbols BITC.U and BITC.UN, respectively.
- The fund aims to provide investors with Bitcoin risk exposure “through a cost-effective institutional quality platform” and “provide safe, simple and exchange-traded investment options for buying and holding Bitcoin.” The fund invests directly in BTC.
- The fund’s Bitcoin will be valued based on the MVIS Cryptocompare Institutional Bitcoin Index maintained by MV Index Solutions GmbH (MVIS) or the subsequent or alternative Institutional Quality Index. Ninepoint will act as the trustee and manager of the fund
- MVIS is a wholly-owned subsidiary of Van Eck Associates Corp., which recently filed an application to list and trade Bitcoin exchange-traded funds with the US Securities and Exchange Commission (SEC).
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