Following in Grayscale’s footsteps, new Bitcoin trust goes public in Canada

The investment firm said it had no plans to sell shares of its Bitcoin trust in the United States.

Canada-based investment manager Ninepoint Partners has launched trading for shares of the firm’s Bitcoin trust on the Toronto Stock Exchange.

According to an announcement today, Ninepoint has completed an initial public offering for its Bitcoin trust for $230 million Canadian dollars, or roughly $180 million U.S. dollars. The investment firm said that it would be issuing three different classes of 17,990,491 units at a price of $10, more than 7 million of which are available for trading on the Toronto Stock Exchange under the ticker symbols BITC.U and BITC.UN for U.S. and Canadian dollars, respectively.

Ninepoint co-CEO and managing partner John Wilson referred to the move as the “largest initial public offering of a Bitcoin investment fund in Canada to date.“ The firm said the trust would have an annual management fee of 0.70% of its net asset value, calculated daily and paid monthly.

“We believe our institutional quality trust structure and lowest management fee of any listed Bitcoin investment fund in Canada will be a winning combination for continued investor interest,” Wilson said. “With this initial offering, we are laying the foundation for the success and growth of our Digital Asset Group.”

Like Grayscale’s crypto funds in the United States, Ninepoint said its objective was to expose new investors to digital currencies like Bitcoin (BTC). A fraction of the size of Grayscale with a reported C$7 billion ($5.5 billion) in assets under management, the investment firm said it would not be exploring selling shares of the trust in the United States.

You might be interested in …

Ripple’s XRP sees explosive 1,151% trading volume spike in November


XRP saw a 1,151% surge in trading volume on eToro as its price nearly tripled last month. XRP saw a month-on-month 1,151% surge in trading activity in November on the eToro investment trading platform, according to the company’s latest report. This comes as the XRP price rallied to $0.92 on Coinbase at its monthly peak and […]

Read More

BTC drops, XRP is ‘toxic waste,’ Facebook’s Diem in trouble: Hodler’s Digest, Dec. 6–12


The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link! Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much […]

Read More

All risk, no gain? The vague definition of stablecoins is causing problems


It is a sign of our industry’s youth that we routinely fail to provide a coherent descriptive definition of a stablecoin. Sometimes, “stablecoins” and variants such as “algorithmic stablecoins” function like historical names, as they refer to projects that call themselves stablecoins, such as Basis Cash, Elastic Set Dollar, Frax and their clones. The word […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *