Ninepoint Partners, a Canadian firm otherwise known as Ninepoint, has its $180 million Initial Public Offering completely bought in just 24 hours. The firm’s bitcoin funds began the day to a stunning 99% investment in just a few hours of entering the market. The Funds can be traded either in the USD or CAD and is now available on the Toronto Stock Exchange.
Ninepoint Partners announced that the Funds would attract the cheapest fees as a pioneer bitcoin product in the country. Bitcoin has garnered widespread popularity as an alternative to gold and an inflation hedge. It is also seen as a hedge against the USD. The company isn’t much bothered by the recent Bitcoin’s volatility. It is, however, attracting investors who are willing to explore the global acceptance of the digital currency.
The Firm Completes its Offering in a Single Day
In its statement, Ninepoint reveals that it is through with its IPO fund, with 7,318277 Asset A and 2865312 Asset B, and 7,806900, Asset A going for $10 or C$12.7 a unit of share with the whole fund worth CAD$230M or USD 180 million. Right after the close of the IPO, the Asset A unit and the Asset B Unit were later categorized as Asset S Unit according to the respective class’s total asset. Asset S will be available for trading in USD and CAD immediately on the Exchange.
The company expressed its delight in the successful completion of the IPO. The CEO boasts of completing the biggest bitcoin IPO in Canada till now. He expressed his optimism that the firm’s transparency and institutional standard structure coupled with affordable fees compared to other funds in the country will serve as incentives to investors. The CEO added that the IPO served as a basis for the growth and development of the digital currency markets. He expressed his gratitude to all the firm’s partners for their unjustifiable role in implementing the pioneer bitcoin offering to set the pace for others.
Goals and Brief Profile of Ninepoint
This investment aims to ensure that every investor gets exposed to Bitcoin, the foremost digital asset, via an institutional standard network in a less expensive way. Besides, the fund seeks to avail investors of the best and safe investment alternatives buying and holding Bitcoin.
Ninepoint decided to accomplish its aims and goals through Bitcoin as its investment destination. The firm will seek the services of professionals in auditing, finance, investment, and other experts in various fields. Using their in-house professionals is expected to cut the cost of our investors. The firm is launching with a comparatively low fee, which is less than 0.8% of the total Fund’s assets, which the company will charge with regard to each class unit.
The firm will be the one managing the fund. Some companies saw the successful completion of this IPO. These holdings cannot be transferred or sold. Also, note that the holdings are not regulated by the SEC or other US government agencies. The company is a Toronto-based firm specializing in alternative investments. The firm manages over $7 billion worth of assets. It aims at assisting investors in availing themselves of creative investment alternatives that have the prospect of enhancing large returns and boosting their portfolios.