Ninepoint Partners, has launched a new Bitcoin Fund worth $180 million on the Toronto Stock Exchange (TSX). The Fund is designed to let investors easily invest their resources in Bitcoin without experiencing the inconveniences that come with crypto trading.
The co-chief executive officer at Ninepoint Partners and a senior portfolio manager of The Fund, John Wilson, commented on the new Bitcoin Fund. Speaking in an interview with Bloomberg, Wilson said that the company “immediately” uses the raised funds to buy Bitcoin.
“We arrange secure storage of the bitcoin and your percentage of the units you own in the total vehicle, you own that percentage of the total Bitcoins [in the fund].”
CryptoGlobe noted that The Fund leverages the MVIS CryptoCompare Institutional Bitcoin Index for its BTC price data.
MV Index Solutions CEO, Steven A. Schoenfeld, expressed his pleasure with the latest development. He said Institutional Bitcoin Index will provide NinePoint’s new fund “with a transparent and reliable benchmark.”
3iQ launched a Bitcoin Fund last year, with CI Financial Group also launched CI Galaxy Fund. Bloomberg added in the report that shares of The Bitcoin Fund have jumped 39% since it was founded about three months ago. Also, Bloomberg said CI Galaxy Bitcoin Fund also secured $72 million towards the end of 2020.
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