Canadian-based investment management firm Nine Point Partners has launched the trading of the company's Bitcoin Trust shares on the Toronto Stock Exchange.
According to Wednesday's announcement, Nine Point has completed an initial public offering (IPO) for the Bitcoin Trust for CAD $ 230 million, or nearly $ 180 million. / p>
where the investment company said it will issue three different denominations of 17990491 units at $ 10, more than 7 million of which are available for trading on the Toronto Stock Exchange under the BITCU and BITCUN US dollar symbols And the Canadian dollar, respectively.
John Wilson, Co-CEO and Managing Partner at Nine Point, referred to the move as the largest initial public offering of bitcoin investment fund in Canada to date; The company said the fund will have an annual management fee of 0.70% of its net asset value, calculated daily and paid monthly.
Wilson added: We believe that our corporate quality trust structure and lower management fees for any Bitcoin investment fund listed in Canada would be a successful combination of continued investor interest ... through this Initial offer, we lay the foundation for the success and growth of our digital asset group.
and like grayscale cryptocurrency funds in the US, Nine Point said its goal is to expose new investors to digital currencies such as Bitcoin (BTC).
and despite being a small fraction of Grayscale's size with assets under management of $ 7 billion Canadian dollars - $ 5.5 billion - the investment firm said it would not explore selling the fund's shares. In the United States.
