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$180M Bitcoin Trust Completes Canadian IPO, Fully Invested on First Day
The bitcoin fund is available in both U.S. dollars and Canadian dollars and is listed on the Toronto Stock Exchange.
Canadian investment firm Ninepoint Partners completed the C$230 million (US$180 million) initial public offering of its cryptocurrency fund which is now fully invested.
STORY CONTINUES BELOW
- Ninepoint Partners' bitcoin fund, which started trading on Wednesday, was over 99% invested on its first day of trading.
- The bitcoin fund is available in both U.S. dollars and Canadian dollars and is listed on the Toronto Stock Exchange under the symbols “BITC.U” and “BITC.UN.”
- According to Ninepoint, the fund will have the lowest management fee structure for a listed bitcoin vehicle in Canada.
- The bitcoin held by the fund is valued based on the “MVIS CryptoCompare Institutional Bitcoin Index” managed by MV Index Solutions GmbH which is a wholly-owned subsidiary of Van Eck.
Read more: Former Canadian Prime Minister Lists Bitcoin as Possible Future Reserve Currency
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
