Ninepoint Partners Sees Canadian IPO Completed And Fully Invested By Day 1 ByAli RazaPRO INVESTOR Updated: 30 January 2021 Ninepoint Partners stands as an investment firm based in Canada, and has much reason for celebration. The firm has managed to complete its 230 million CAD initial public offering (IPO) for its cryptocurrency fund, which is worth around 180 million USD. Crypto Sentiments At A Large Positive One of the more interesting things about this IPO of this Bitcoin fund is the sheer speed it was bought up. Trading for the Fund started on Wednesday, with the Fund itself seeing more than 99% of it already invested within the first day. Ninepoint itself is quite pleased with the development, giving comment about the Fund overall. The Fund itself boasts of having one of the lowest management fee structures for a listed Bitcoin vehicle within the entirety of Canada. The Mandatory Kind Words As one would imagine, John Wilson, the Co-CEO and Managing Partner of Ninepoint, had some very positive words to say about the matter. He mentioned how pleased the company was due to this early success, attributing the success to the Fund’s inherent design. He highlighted how the Fund itself was structured in such a way to serve both institutional and retail investors who want to take part in this new up-and-coming asset class. Alex Tapscott stands as the Managing Director within the Digital Asset Group of Ninepoint, and gave their own piece about the matter. According to Tapscott, the adoption of Bitcoin as a gold alternative and a store of value for both institutional and retail investors is still in its early stages. Even so, Tapscott highlighted the strong initial interest, saying it’s a very encouraging omen for the future of the Fund. Some Finer Details As for the value of the Bitcoin held in the Fund itself, this valuation is based on the “MVIS CryptoCompare Institutional Bitcoin Index.” This Index is, in turn, managed by MV Index Solutions GmbH. MV Index Solutions itself stands as one of Van Eck’s fully-owned subsidiaries. As for any prospective buyers interested in the Bitcoin fund, it’s available for purchase in both CAD and USD, listed within the Toronto Stock Exchange. The tucker for these new funds is “BITC.UN” and “BITC.U,” respectively. Time will tell how successful this new Fund will be, but major players in this arena, such as Grayscale, have seen some very good success with it. Typically, these types of investment funds will see themselves start to be traded at a premium as Bitcoin goes up, and Ninepoint’s Fund will undoubtedly follow this rule.