- Ninepoint Partners LP announced today Bitcoin Trust (BITC.UN) was over 99% invested on its first day of trading
- The average cost per unit of Bitcoin is US$30,888.84
- John Wilson, Co-CEO and Managing Partner of Ninepoint is pleased with the fund’s success
- The fund’s primary objective is to provide unitholders with exposure to digital currency through a low cost, secure, cost-effective platform
- Ninepoint Partners, one of Canada’s leading alternative investment management firms oversees approximately $7 billion in assets under management
- Bitcoin Trust (BITC.UN) is trading up 3.54% at C$10.24 at 3 pm EST
Ninepoint Partners LP announced today that Bitcoin Trust (BITC.UN) was over 99% invested on its first day of trading, January 27, 2021, at an average cost per unit of Bitcoin of US$30,888.84.
Ninepoint believes that the Fund has the lowest management fee structure for a listed Bitcoin vehicle in Canada. An annual management fee of 0.70% of the Fund’s net asset value, calculated daily and payable monthly in arrears, plus applicable taxes, will be paid to Ninepoint in respect of each of the Class A Units, the Class F Units and the Class S Units of the Fund.
“We’re pleased with our early success,” said John Wilson, Co-CEO and Managing Partner of Ninepoint.
“We are still in the early innings of widespread institutional and retail adoption of Bitcoin as a store of value and alternative to gold in a portfolio. This initial strong interest is very encouraging and bodes well for the future,” commented Alex Tapscott, Managing Director of Ninepoint’s Digital Asset Group.
Ninepoint Partners, one of Canada’s leading alternative investment management firms oversees approximately $7 billion in assets under management.
Bitcoin Trust (BITC.UN) is trading up 3.54% at C$10.24 at 3 pm EST.