Bitcoin Trust Raises $180 Million, Starts TSX Trading – Trustnodes

Bitcoin Trust Raises $180 Million, Starts TSX Trading

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TMX

A bitcoin trust has began trading at the Toronto Stock Exchange under the ticker of BITC.U with a market cap of close to half a billion.

That’s after it raised 230 million Canadian dollars, worth about $180 million, in an Initial Public Offering (IPO).

The fund is by Ninepoint, an alternative investments manager with $7 billion in assets under management.

“It is the largest initial public offering of a bitcoin investment fund in Canada to date,” said John Wilson, Co-CEO and Managing Partner of Ninepoint. While James Fox, Co-CEO and Managing Partner of Ninepoint, said:

“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. With this initial offering, we are laying the foundation for the success and growth of our Digital Asset Group.”

The fund has an annual management fee of 0.70%, far lower than GrayScale’s 2% a year.

Like GrayScale, the Bitcoin Trust “intends to achieve its investment objectives by investing directly in Bitcoin while using high quality service providers.”

Gemini is to act as a custodian, with this fund being the latest to start trading in Canada where the Bitcoin ETF has reached nearly $1 billion.

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