Ninepoint Lists $180M Bitcoin Trust Fund on Canadian Exchange

Canadian investment firm, Ninepoint Partners has listed a Bitcoin trust fund on the Toronto Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term after an initial public offering (IPO) of CAD 230 million (around $180 million). This is the largest Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term fund listed on the Canadian exchange so far.

Based in Toronto, Ninepoint Partners is one of the country’s largest alternative investment funds with around $7 billion in assets. It will act as the trustee and manager of the fund and is partnered with Gemini for Bitcoin custody.

The announcement detailed that the fund issued 7,318,276 Class A Units, 2,865,314 Class F Units and 7,806,901 Class S Units. Each unit is priced at $10.

ETF Alternatives

Bitcoin trust funds are seen as an alternative to the much-sought exchange-traded funds. These funds make investments into the digital currency easier for non-tech savvy investors as they do not have to bother with wallets and private keys.

However, these funds usually charge hefty management fees. Ninepoint detailed that it will charge an annual management fee of 0.7 percent on the net asset value.

“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,” Ninepoint Co-CEO and Managing Partner, James Fox said. “With this initial offering, we are laying the foundation for the success and growth of our Digital Asset Group.”

Apart from Ninepoint, other investment managers are also listing crypto trust funds on the Canadian exchange. 3iQ, a company already managing a Bitcoin fund, listed a similar trust fund with Ether raising $75 million last month.

In the United States, Grayscale is managing such trust funds with multiple digital currencies. However, Ninepoint clarified that the US-based investors might not be allowed to invest in its fund.