Investors invested $ 180 million in bitcoin fund through IPO o | Smart Bitcoin

Investors invested $ 180 million in bitcoin fund through IPO on the Toronto Stock Exchange

Ninepoint Partners LP today reported on the successful completion of an initial public offering (IPO), which it organized for its bitcoin fund, raising $ 180 million.

“This is the largest initial public offering of a bitcoin investment fund in Canada to date,” said Ninepoint Managing Partner Josh Wilson.

According to the press release, trading in the shares of the trust will also start on the Toronto Stock Exchange, where they will be presented under the tickers “BITC.U” and “BITC.UN” depending on the currency of the quote - the US dollar and the Canadian dollar, respectively. Prior to this, Ninepoint secured the approval of the Canadian regulator to list its securities.

Thus, Ninepoint is competing with Grayscale, which is many times larger than it in terms of assets and has over $ 20 billion in Bitcoin alone. Ninepoint, however, expects to take advantage of the 0.7% lower managerial rate and no requirement to hold shares before the sale. In comparison, Grayscale charges its customers 2% per year. Like the Grayscale bitcoin trust, Ninepoint "intends to achieve its investment objectives by investing directly in bitcoin using high quality services." The custody division of the American cryptocurrency exchange Gemini will be responsible for storing Ninepoint bitcoins.

This is not the first foundation for Ninepoint. The company specializes in alternative investments, including funds related to precious metals and real estate.