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TORONTO, May 06, 2021 (GLOBE NEWSWIRE) -- Ninepoint Partners LP, the manager (the “Manager” or “Ninepoint”) of Ninepoint Bitcoin ETF (the “ETF”), is pleased to announce the completion of the conversion (the “Conversion”) of Bitcoin Trust from a closed-end investment fund into the ETF.
As of today (the “Conversion Date”), the units of the ETF will continue to trade on the Toronto Stock Exchange (the “TSX”) in US dollars under the symbol “BITC.U” and will trade on the TSX in Canadian dollars under the symbol “BITC”. Units of Bitcoin Trust will be converted to units of the ETF on a 1:1 basis as of the Conversion Date. Unitholders are not required to take any action in order to be recognized as holders of units of the ETF following the Conversion.
“In keeping with our commitment to investors to help them better diversify their portfolios,” commented John Wilson, co-CEO and Managing Partner at Ninepoint, “today we’re providing investors with an easier, more liquid way to invest in bitcoin that more efficiently tracks the underlying bitcoin price.”
In connection with the Conversion, Ninepoint determined that the ETF will use the MVIS CryptoCompare Bitcoin Benchmark Rate Index (the “MVIBBR”), rather than the MVIS CryptoCompare Institutional Bitcoin Index (the “MVIBTC”), to value the ETF’s bitcoin as of the Conversion Date. The MVIBBR uses the top 5 rated bitcoin trading platforms, as reviewed and rated by MVIS’ CryptoCompare Benchmark Rating, and the Manager believes using the MVIBBR makes it more transparent for investors to track the U.S. dollar price of bitcoin, and is more efficient administratively. Like the MVIBTC, the MVIBBR reliably values bitcoin, is maintained by a well-regarded financial services firm, and is regarded in the market to be the one of the primary and reliable indexes against which to track the U.S. dollar price of bitcoin.
About Ninepoint Partners LP
Based in Toronto, Ninepoint is one of Canada’s leading alternative investment management firms overseeing approximately $8 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies including North American Equity, Global Equity, Real Assets & Alternative Income. Ninepoint Digital Asset Group is a division of Ninepoint.
For more information on Ninepoint, please visit www.ninepoint.com or for inquiries regarding the ETF, the Conversion or Bitcoin Trust please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.
Media Contact:
Wealth Matters Consulting
Mary Victoria Falzarano
561-578-0697
MVF@WEALTHMATTERSCONSULTING.COM
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expects”, “intends”, “anticipates”, “will” and similar expressions to the extent that they relate to the ETF and Bitcoin Trust. The forward-looking statements are not historical facts but reflect Ninepoint's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Ninepoint believes the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the ETF, Bitcoin Trust nor Ninepoint undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.