[Blockchain Today reporter Jeong Seung-won] It is less than two months since Ninepoint Partners, an investment manager based in Canada, started trading in bitcoin trust stocks, and plans to change the product to an Exchange Trading Fund (ETF).
According to Cointelegraph reports, Nine Point announced on the 3rd (local time) that “we will decide whether to convert the existing Bitcoin (BTC) trust into the Exchange Fund (ETF) on the Toronto Stock Exchange through an investor’s vote.” . These attempts are aimed at providing better trading prices and higher trading liquidity. Accordingly, investors will be able to vote on April 19th.
“Nine Point’s Bitcoin Trust IPO has raised $180 million, the largest in Canadian history,” said James Fox, co-CEO of Nine Point. “We’ve already had a lot of success in asset class.” “As a company, we not only have deep experience with ETFs, we are leading digital asset expertise and will continue to be a leader in this industry for many years to come.”
The company said that if successful, the Ninepoint Bitcoin ETF will continue to trade on the Toronto Stock Exchange under the ticker symbol used in the Bitcoin U.S. dollar trust BITC.U. However, Nine Point will change the Canadian dollar BITC.UN ticker to BITC.
Nine Point’s decision to convert its existing BTC trust follows other investment firms leveraging the existing untapped ETF market for Canadian cryptocurrencies. On February 18, after Purpose Investment launched its own Bitcoin ETF, the fund has reached more than $5.29 million. On the 2nd, the Evolve Funds Group announced that it has submitted a prospectus to Canadian regulators to start trading on the Ethereum ETF.
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