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.
source link : https://cointelegraph.com/news/following-in-grayscale-s-footsteps-new-bitcoin-trust-goes-public-in-canada
