Canadian investment firm Ninepoint has completed an initial public offering (IPO) of its bitcoin fund on the Toronto stock exchange. The company says the offering is the largest initial public offering of a bitcoin investment fund in Canada to date.
- Ninepoint Partners announced On Wednesday, Bitcoin Trust completed an initial public offering (IPO) of CAD $ 230 million ($ 180 million).
- “It is the largest IPO of a bitcoin investment fund in Canada to date,” said John Wilson, Ninepoint’s co-CEO and managing partner.
- The Class A shares of the fund are now traded on the Toronto Stock Exchange in both US dollar and Canadian dollar under the symbols BITC.U and BITC.UN respectively.
- The fund aims to provide investors with exposure to bitcoin “through a quality institutional platform that is cost-effective for them” and “to provide a safe, simpler, exchange-traded investment alternative to buying and holding bitcoin.” The fund invests in BTC straight away.
- The fund’s bitcoin is valued based on the MVIS Cryptocompare Institutional Bitcoin Index, which is managed by MV Index Solutions GmbH (MVIS) or a successor or alternative institutional grade index. Ninepoint acts as trustee and manager of the fund
- 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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