“Ultimately, (investors) are using this vehicle to get safe, easy access to the underlying asset, in this case, bitcoin,” said Wilson. There are a handful of offerings in the bitcoin trust space, but Ninepoint believes its low fee structure and the years of experience its team brings to the market sets it apart from the rest. And that’s what we tried to do with Bitcoin Trust.”
“So all of that from our perspective meant that it was time to give people a way to access bitcoin in a way that was affordable, safe and easy.
#BNTRUST CLOUD MONEY SERIES#
“Over the last 12 months, you’ve seen just a whole series of announcements, from both investment institutions in terms of investing in bitcoin, and major financial intermediaries becoming part of the bitcoin value proposition,” he said, citing Visa ( NYSE:V), MasterCard (NYSE: MA) and Bank of New York Mellon’s (NYSE: BK) recent forays into the bitcoin value chain. Wilson, who is also a senior portfolio manager at Ninepoint, explained that part of the reasoning behind the launch of Ninepoint’s trust was the continued evolution of bitcoin, as well as growing interest in the asset across a variety of investment classes. Bitcoin trusts: Growing demand for access The Investing News Network spoke with John Wilson, Ninepoint’s co-CEO and managing partner, and Alex Tapscott, managing director of Ninepoint’s digital asset group, about the trust and its well-timed launch. ETFs track an index and give investors an opportunity to broadly invest in a sector or space. The trust then tracks the commodity.ĮTFs are often referred to as baskets, as they hold a variety of securities, including stocks, bonds and mutual funds, across a sector or asset class. For trusts like Ninepoint, investors gain access to the underlying commodity by purchasing a share or unit of the trust. There are some key differences between bitcoin ETFs and bitcoin trusts, with the most notable being how they track an asset. With an initial public offering (IPO) of C$230 million (US$180 million), Ninepoint’s crypto offering was fully invested within a day of listing, underpinning retail investors’ desire to enter an often complicated market.
Based in Canada, the trust began trading in both Canadian and US currencies on January 27. The first quarter also saw the launch of Ninepoint Partners’ Bitcoin Trust (TSX: BITC.UN).
Both received the final nod in mid-February and began trading on the Toronto Stock Exchange within days of each other. Of those three, two have been successful so far: the Purpose Bitcoin ETF (TSX: BTCC.B) and the Evolve Bitcoin ETF (TSX: EBIT).
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