Initial public offerings [IPO] have taken place under the crypto spotlight. Canadian investment platform, Ninepoint Partners is the latest to jump the bandwagon. The platform broke the record for raising the highest amount for a Bitcoin Trust in the country. Ninepoint Partners LP got its Bitcoin trust listed on the Toronto Stock Exchange.
A whopping $230 million Canadian dollars was raised in the initial public offering. The money raised in the IPO would be accessible in the form of units 7,318,276 Class A Units; 2,865,314 Class F Units; and 7,806,901 Class S Units. The Class A units will be out and about in Canadian dollars as well as USD on the Toronto Stick Exchange. The aforementioned units would be available under the symbols BITC.U and BITC.UN. With this fund, the platform hopes to provide holders of Units of the Fund with Bitcoin. Ninepoint would reportedly operate as a trustee as well as the manager of the Fund.
John Wilson, the Managing Partner and the Co-CEO of the Toronto-based firm revealed that the company was “delighted” with the accomplishment of the listing.
Several platforms including, Gemini and Coinbase have been revealing their intentions of going public. While Coinbase has already commenced working towards it, Gemini’s IPO is still under the wraps.
James Fox, Co-CEO and Managing Partner of Ninepoint, also commented on the firm’s latest move and 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. We would like to thank all of our partners and in particular Canaccord Genuity Corp. and INFOR Financial Inc. for their part in executing our first bitcoin offering.”
Last year, 3iQ rolled out a trust fund and became the first to do so in the country. Recently, the 3iQ raised about $75 million and launched an Ethereum fund.