- Ninepoint has listed a $180 million Bitcoin Trust fund on TSX.
- The company said it’s the largest of such funds to list on the Canadian exchange.
A recent announcement informs that another Bitcoin Trust fund has been launched on the Canadian exchange, TSX – the Toronto Stock Exchange. It’s becoming more evident that cryptocurrencies, especially Bitcoin (BTC), is gaining more adoption in Canada. Last year, Canadian companies launched Bitcoin Trust funds, including an exchange-traded fund (ETF), which grants institutions and deep-pocketed investors exposure to the underlying digital currency.
Ninepoint Bitcoin Trust on TSX
As reported, the new Canadian Bitcoin Trust fund launched on the exchange by Ninepoint Partners on Monday. This is coming after the alternative investment management company successfully concluded the initial public offering (IPO), which summed to almost $180 million (CAD $230 million). The Bitcoin Trust is reportedly the largest of such funds listed on the Toronto Stock Exchange and will invest in Bitcoin directly through high-quality service providers, Ninepoint said.
Bitcoin Trust funds are one important product that pushes for institutional adoption of cryptocurrencies. The fund debuts with a low management fee and will provide the investors a secure and more convenient alternative to gain exposure to Bitcoin. Ninepoint said it would act as the trustee and manager, while Gemini will oversee the custody of the assets. Meanwhile, the fund will not be offered to investors in the United States since it’s not registered with the SEC.
Institutional-grade BTC products in Canada
The Canadian crypto market is growing with lots of institutional-grade Bitcoin products as many investors are picking an interest in cryptocurrencies. On the 13th of January, Cryptopolitan reported that a Canadian investment company, Arxnovum Investments, filed with the country’s authorities to launch a Bitcoin exchange-traded fund, which is yet to be available in the United States.
Recently, the 3iQ Bitcoin fund totaled an AUM of $779,130,000 (CAD $1 billion), which shows the growing interest and demand for Bitcoin in the country.