Canadian investment management firm Ninepoint Partners plans to convert its Bitcoin Trust into a Bitcoin ETF

Less than two months after launching trading in its Bitcoin Trust shares, Canadian investment manager Ninepoint Partners is planning to transform its trust service into an exchange-traded fund (ETF).

In a statement on March 3, Ninepoint said it will hold a vote for fund unit holders to decide whether to convert its existing Bitcoin (BTC) trust into a Bitcoin ETF on the Toronto Stock Exchange. The company said the move is intended to provide better trading prices and more trading liquidity. Investors will be able to vote on the matter on April 19.

“Ninepoint’s Bitcoin Trust IPO was the largest in Canadian history, raising $180 million, so we have a lot of success in this asset class,” said James Fox, co-CEO of Ninepoint. “As a firm, we have extensive experience not only with ETFs, but also with digital asset expertise, and we plan to be a leader in the industry in the coming years.”

If successful, the Ninepoint Bitcoin ETF will continue to trade on the Toronto Stock Exchange under the same ticker used by its Bitcoin Trust Fund, BITC.U, which is denominated in U.S. dollars. However, Ninepoint will change its Canadian dollar-denominated ticker from BITC.UN to BITC, the company said.

Before Ninepoint decided to convert its existing Bitcoin Trust into an ETF, other investment companies also took advantage of the previously untapped Canadian cryptocurrency ETF market. After Purpose Investments launched its own Bitcoin ETF on February 18, the fund's trading volume reached more than $529 million. Yesterday, Evolve Funds Group also announced that it had submitted a prospectus to Canadian regulators, hoping to obtain approval to start trading Ethereum ETFs.

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