$180M Bitcoin Trust Completes Canadian IPO, Fully Invested on First Day

Canadian investment firm Ninepoint Partners completed the C$230 million (US$180 million) initial public offering of its cryptocurrency fund which is now fully invested.

  • Ninepoint Partners’ bitcoin fund, which started trading on Wednesday, was over 99% invested on its first day of trading.
  • The bitcoin fund is available in both U.S. dollars and Canadian dollars and is listed on the Toronto Stock Exchange under the symbols “BITC.U” and “BITC.UN.”
  • According to Ninepoint, the fund will have the lowest management fee structure for a listed bitcoin vehicle in Canada.
  • The bitcoin held by the fund is valued based on the “MVIS CryptoCompare Institutional Bitcoin Index” managed by MV Index Solutions GmbH which is a wholly-owned subsidiary of Van Eck.

Read more: Former Canadian Prime Minister Lists Bitcoin as Possible Future Reserve Currency