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.
Tim Stokely, the founder of OnlyFans, has teamed up with the HBAR Foundation to submit a late-stage bid to acquire TikTok, as the social media giant stares down a U.S. deadline to divest or disappear.
The bid was submitted by Stokely’s new venture, Zoop, and the HBAR Foundation, which manages the treasury of the Hedera blockchain, to put forward an offer for TikTok’s U.S. operations, according to Reuters.
The move positions the pair among a growing crowd of bidders vying for control of the wild...
U.S. Senator Ted Cruz (R-TX) has introduced a new bill aiming to turn waste energy into electricity for Bitcoin mining.
The Facilitate Lower Atmospheric Released Emissions (FLARE) Act, introduced on March 31, is geared towards making waste energy productive by capturing gas that would otherwise be flared or vented. The plan is to incentivise this capture by offering full expensing for property used to capture that gas.
My legislation, the FLARE Act, incentivizes entrepreneurs and crypto miners...
Shoppers in Singapore can now use crypto to pay for gadgets on the Sony Store Online.
In a statement on Tuesday, Sony Electronics Singapore said it has enabled USDC payments through crypto exchange Crypto.com’s payment service, marking the company’s first local move into direct crypto transactions.
The feature allows customers to check out using USDC, a stablecoin pegged to the U.S. dollar. It’s currently exclusive to the Sony Store Online and available only via Crypto.com’s payment system.
Wi...