The New Bitcoin Fund is following in Grayscale’s footsteps

Canada-based investment manager, Ninepoint Partners launched the company’s Bitcoin Trust stock trading on the Toronto Stock Exchange.

According to an announcement today Ninepoint has completed an initial public offering (IPO) for its Bitcoin Trust for $ 230 million or approximately $ 180 million.. The firm announced it would issue three different classes of 17,990,491 units priced at $ 10, of which more than 7 million were available for trading on the Toronto Stock Exchange under the ticker symbols BITC.U and BITC .UN for the US dollar or Canadian dollar.

John Wilson, Co-CEO and Managing Partner of Ninepoint, described the move as “the largest ever IPO of a Bitcoin mutual fund in Canada”.. The company announced that the trust would have an annual management fee of 0.70% of its net asset value, calculated daily and paid monthly.

The New Bitcoin Fund is following in Grayscale’s footsteps
The New Bitcoin Fund is following in Grayscale’s footsteps

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

Like Grayscale’s crypto funds in the US, Ninepoint aimed to expose new investors to digital currencies like Bitcoin (BTC).. The investment firm, a fraction the size of Grayscale with total assets under management of $ 7 billion ($ 5.5 billion), said it would not consider selling any shares in the trust in the U.S.

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