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Toronto-Based Bitcoin Trust Finishes C$230 Million IPO

Toronto-Based Bitcoin Trust Finishes C$230 Million IPO
  • Toronto-based Bitcoin Trust has just completed over C$230 million Initial Public Offering.
  • The Fund aims to provide the Unitholders the financial gateway to Bitcoin via an institutional-quality platform.

According to a press release, Toronto-based Bitcoin Trust Fund has completed its C$230 million Initial Public Offering (IPO).

The Fund issued 7,318,276 Class A Units, 2,865,314 Class F Units, and 7,806,901 Class S Units respectively. Thereby, this sums up the figure to the said amount.

The Bitcoin Trust Fund priced Class S Units, Class A Units, and Class F Units at USD$10.00 each. Meanwhile, the Class F Units and Class S Units were later named Class A Units due to their net asset value. Right after this renaming, the offering ended.

Ninepoint Partners LP, the investment firm behind the said fund, said that they aim to invest “directly in Bitcoin”. Meanwhile, they will utilize custodians, trading counterparties, independent auditors, and more.

Co-CEO and Managing Partner of Ninepoint John Wilson said,

“We’re delighted with the success of this offering. It is the largest initial public offering of a bitcoin investment fund in Canada to date.”

Class A units will trade in USD and CAD on the Toronto Stock Exchange. This will follow peer-to-peer (P2P) trading. Thus, the Class A Units will trade with the symbols “BITC.U” and “BITC.UN.”

Meanwhile, veteran crypto investment firm Galaxy Digital entered the Canadian market late last year. Specifically, Galaxy Digital partnered with CI Global to offer its own Bitcoin fund in the said country.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.