$180 Million Bitcoin Investment Fund IPOs on Canadian Stock Exchange – Finance Bitcoin News

0
60

Canadian investment management company Ninepoint has completed an IPO of its Bitcoin fund on the Toronto Stock Exchange. The company says the offering marks the largest ever Bitcoin mutual fund IPO in Canada.

  • Ninepoint Partners announced Wednesday that its Bitcoin Trust has completed an initial public offering of $ 230 million ($ 180 million).
  • “It is the largest Bitcoin mutual fund IPO in Canada to date,” said John Wilson, Co-CEO and Managing Partner of Ninepoint.
  • The Fund’s Class A shares are now traded on the Toronto Stock Exchange in both US and Canadian dollars under the symbols BITC.U and BITC.UN, respectively.
  • The Fund aims to provide exposure to Bitcoin to investors “through an institutional grade platform that is cost effective to them” and “to provide a safer, easier, and publicly traded alternative to buying and holding Bitcoin”. The fund invests directly in BTC.
  • The fund’s Bitcoin is valued on the basis of the MVIS Cryptocompare Institutional Bitcoin Index, which is managed by MV Index Solutions GmbH (MVIS) or a successor or an alternative index with institutional quality. Ninepoint is acting as trustee and manager of the fund
  • MVIS is a wholly-owned subsidiary of Van Eck Associates Corp., which recently filed an application with the US Securities and Exchange Commission to list and trade in exchange-traded bitcoin funds.

Do you think more Bitcoin funds should be traded on exchanges? Let us know in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to make an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.