Ninepoint Partners, a leading Canadian investment firm, has successfully completed a Bitcoin IPO worth $180 Million. This would be Canada’s biggest Fund involving cryptocurrency and digital assets.
The Initial public offering for Ninepoint began trading on the Toronto Stock Exchange with the BITC-U.
Biggest Bitcoin Fund IPO Completed in Canada
Ninepoint Partners LP has completed the first IPO based on Bitcoin on the Toronto Stock Exchange for a whopping C$230 million. As Bitcoin continues to gain strength and emerges as one of the most preferred investment vehicles as a hedge against inflation, the IPO has garnered significant attention. John Wilson, the CO-CEO, and Alex Tapscott, the firm’s MD, have said that firm is looking to attract the buyers encouraged by the widening acceptance of cryptocurrency. The firm is not worried about the volatility of Bitcoin as well. As per the reports, the new Fund would use the MVIS CryptoCompate Institutional Bitcoin Index for its operations. As per Tapscott, Bitcoin is emerging as an asset class, and the firm aims to tap the growing interest of international institutions like huge banks and financial technology companies.
Ninepoint Partners LP announced that its Bitcoin trust fund completed its IPO as per the official press release. The Fund has issued around.”
The Fund’s investment objectives are to seek to provide holders of units (“Unitholders”) of the Fund with exposure to digital currency bitcoin (“Bitcoin“) through an institutional-quality platform that is cost-efficient to Unitholders and to provide a secure, simpler, and exchange-traded investment alternative for buying and holding Bitcoin..”
The press release notified that the Class A units would begin trading on USD and CAD on the Toronto Stock Exchange. They said that the firm is elated for the successful offering as it is the biggest public offering of any Bitcoin Investment fund in Canada. The firm said that the BTC fund would provide services with the lowest management fee structure for a bitcoin investment tool in the country. The Fund’s trading started on Wednesday, and on its first day, it invested almost 99%. The Bitcoin Fund would invest directly in Bitcoin to attain its objectives.
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