Canadian version of "Grayscale": asset management company Ninepoint Partners launches bitcoin trust fund stock trading in Toronto

2021-01-28 09:07

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Ninepoint has completed the initial public offering (IPO) of its Bitcoin Trust.

Rhythm BlockBeats news, on January 28, Canada-based investment management company Ninepoint Partners launched stock trading in the company’s Bitcoin Trust Fund on the Toronto Stock Exchange.

According to a statement, Ninepoint has completed the initial public offering (IPO) of its Bitcoin Trust , raised 230 million Canadian dollars (about 180 million U.S. dollars). The investment firm said it will offer 17,990,491 units of the trust in three different classes at $10, of which more than seven million units can be traded on the Toronto Stock Exchange under the symbol BITC .U (US dollars) and BITC.UN (Canadian dollars).

Ninepoint co-CEO and managing partner John Wilson called the move "the first of its kind in Canada to date." Largest Initial Public Offering of a Bitcoin Investment Fund". The trust will receive an annual management fee of 0.70% of its net asset value, calculated on a daily basis and paid monthly, the company said.

Like Grayscale’s U.S. crypto fund, Ninepoint says its goal is to expose new investors to Bitcoin (BTC ) and other digital currencies. The investment firm said it would not consider selling the trust in the United States.