A new BitcoinBitcoin trust was today listed on the Toronto Stock Exchange. Investment firm Ninepoint Partners launched the fund after raising $230 CAD ($180 USD) in an Initial Public Offering (IPO)—the largest amount raised for a Bitcoin trust in Canada to date. Crypto exchange Gemini will be the custodian.
The trust will work like other cryptocurrency trusts—such as those provided by leading asset management firm Grayscale—by allowing people to invest in Bitcoin without actually having to buy and store the cryptocurrency.
But trusts differ from the highly sought after Bitcoin ETF, or exchange traded fund—which still doesn’t exist in the US or Canada. Ninepoint’s trust allows investors to buy shares in a trust. An ETF allows investors to invest in a fund that directly tracks the price of Bitcoin.
From an investor’s point of view, potential downsides to these sorts of crypto trusts are that they can come with high premiums in order for the institution to make a profit.
Nevertheless, trusts like these are proving popular with traditional investors who perhaps may not be as tech-savvy as those in the cryptocurrency world but still want a piece of an asset that has surged in value by over 250% in the past year.
With a trust like Ninepoint’s, investors do not have to worry about Bitcoin walletswallets, private keysprivate keys, and where to buy the asset—they simply buy shares that represent the cryptocurrency. Ninepoint is the company that buys the cryptocurrency and stores it.
Valkyrie Digital Assets, the crypto subsidiary of investment firm Valkyrie Investments, has filed an application for a Bitcoin Exchange Traded Fund with the US Securities and Exchange Commission.
Valkyrie’s application, filed yesterday, makes it the second firm to apply for a Bitcoin ETF after VanEck resubmitted its application last month.
A Bitcoin ETF is a financial product, listed on the stock market, that tracks the underlying price of Bitcoin.
The advantage of a Bitcoin ETF for investors...
“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,” John Wilson, Co-CEO and Managing Partner of Ninepoint, said in a statement released today.
The firm is the latest Canadian company to have Bitcoin shares listed on the Toronto Stock Exchange. 3iQ was the first, when it launched last year. And just last month it launched an Ethereum fund after raising $75 million.
Ninepoint said that the money raised from the IPO will be available to trade via units: 7,318,276 Class A Units; 2,865,314 Class F Units; and 7,806,901 Class S Units. Units will be available to trade at a price of $10 per unit, the firm said.
Congratulations @Ninepoint on the launch of the Bitcoin Trust Closed-End Fund on #TSX!$BITC.U & $BITC.UN aim to provide a secure, simpler and exchange-traded investment alternative for buying and holding #Bitcoin.
The iShares Bitcoin Trust (IBIT) exchange-traded fund has already amassed $6.22 billion in May, the largest monthly inflow in the history of the exchange-traded fund that has dominated the spot Bitcoin category so far.
IBIT, which received regulatory approval in January 2024, generated nearly $500 million in investments on Wednesday and has received net inflows every day this month except one, according to data from U.K. asset manager Farside Investors.
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SOL Strategies, a Canadian public company focused on the Solana blockchain, has filed a $1 billion preliminary short-form base shelf prospectus as it doubles down on its investments in the world's sixth-largest crypto.
The company said the move aims to provide it with increased “financial flexibility” to capitalize on emerging opportunities within the Solana ecosystem, according to a filing on Tuesday.
In other words, the move will allow SOL Strategies to prepare for potential capital raises, al...
Eric Trump and Donald Trump Jr. bashed the traditional finance system and championed the U.S.' pro-crypto pivot and their own digital asset endeavors on Wednesday at the Bitcoin 2025 conference in Las Vegas—underscoring the Trumps' growing enmeshment with the cryptocurrency community, despite critics' concerns over conflicts of interest posed by the First Family's embrace of the industry.
The two eldest sons of U.S. President Donald Trump touted the U.S.' foray into Bitcoin and other cryptocurr...