Canadian investment management 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 IPO of a bitcoin investment fund in Canada to date.
- Ninepoint Partners announced Wednesday that its Bitcoin Trust has completed an initial public offering (IPO) of CAD$230 million ($180 million).
- â€œIt is the largest initial public offering of a bitcoin investment fund in Canada to date,â€� said John Wilson, Ninepointâ€™s co-CEO and managing partner.
- The fundâ€™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 â€œthrough an institutional-quality platform that is cost-efficientâ€� to them and â€œto provide a secure, simpler and exchange-traded investment alternative for buying and holding bitcoin.â€� The fund invests in BTC directly.
- The fundâ€™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 fundâ€™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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