$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.

Jan 29, 2021, 10:45 PM

Updated Aug 19, 2021, 6:56 AM

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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.

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.

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Tanzeel Akhtar

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