The asset manager Ninepoint Partners LP, which manages $7 billion, has completed the initial public offering (IPO) of its bitcoin fund on the Toronto Stock Exchange.
A Big thank you to everyone on the TMX team, we couldn’t have done it without you. https://t.co/4nnYnUqyIV
— Ninepoint Partners (@Ninepoint) January 27, 2021
The total amount raised was CAD 230 million ($180 million). The shares are trading under tickers “BITC.U” and “BITC.UN” in US dollars and Canadian dollars respectively.
The company believes investors will obtain a simple and safe market alternative to buying and storing the first cryptocurrency. Before the listing, Ninepoint obtained the requisite authorization from the Canadian regulator.
“This is the largest IPO of an investment bitcoin fund in Canada. Investors will appreciate the trust structure and the low management fee of 0.7% of стоимости чистых активов,” — said Ninepoint CEO Josh Wilson.
Ninepoint will rely on Gemini, the custodial arm of the U.S. cryptocurrency exchange, for safeguarding the bitcoins.
The fund’s value is based on the MVIS® CryptoCompare Bitcoin index. It is calculated by MVIS, a VanEck subsidiary, which manages assets worth $49 billion.
As a reminder, on October 20 on the TSX began trading of the shares of 3iQ’s index Bitcoin fund.
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