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Ninepoint completes conversion of Bitcoin Trust into Ninepoint Bitcoin ETF

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Ninepoint Partners has completed the conversion of Bitcoin Trust from a closed-end investment fund into an ETF.

The units of the Ninepoint Bitcoin ETF will continue to trade on the Toronto Stock Exchange (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 recognised as holders of units of the ETF following the Conversion.

“In keeping with our commitment to investors to help them better diversify their portfolios,” says 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 five 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 US 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 US dollar price of bitcoin.

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