Press Releases

TORONTO – Ninepoint Partners LP (“Ninepoint”) is pleased to announce that Bitcoin Trust (the “Fund”) has completed its previously announced initial public offering (the “Offering”).

In connection with the Offering, the Fund issued 7,318,276 Class A Units (“Class A Units”), 2,865,314 Class F Units (“Class F Units”) and 7,806,901 Class S Units (“Class S Units” and, together with the Class A Units and Class F Units, the “Units”) at a price of US$10.00 (or C$12.762) per Unit, for total gross proceeds to the Fund of approximately CAD$230,000,000. All Class F Units and Class S Units were reclassified as Class A Units based on the net asset value per Unit of the applicable class immediately following the closing of the Offering. The Class A Units will commence trading in both US dollars and Canadian dollars today on the Toronto Stock Exchange under the symbols “BITC.U” and “BITC.UN”, respectively.

"We're delighted with the success of this offering. It is the largest initial public offering of a bitcoin investment fund in Canada to date," said John Wilson, Co-CEO and Managing Partner of Ninepoint. “We believe our institutional quality trust structure and lowest management fee of any listed bitcoin investment fund in Canada will be a winning combination for continued investor interest. With this initial offering, we are laying the foundation for the success and growth of our Digital Asset Group. We would like to thank all of our partners and in particular Canaccord Genuity Corp. and INFOR Financial Inc. for their part in executing our first bitcoin offering,” added James Fox, Co-CEO and Managing Partner of Ninepoint.

Investment Objectives

The Fund’s investment objectives are to seek to provide holders of Units (“Unitholders”) of the Fund with exposure to digital currency bitcoin (“Bitcoin”) through an institutional-quality platform that is cost-efficient to Unitholders and to provide a secure, simpler and exchange-traded investment alternative for buying and holding Bitcoin.

Investment Strategies and Fund Highlights

The Fund intends to achieve its investment objectives by investing directly in Bitcoin while using high quality service providers, including digital asset trading counterparties, trading platforms and custodians, and independent auditors, legal and valuation agents, in order to manage the assets of the Fund. By having in-house expertise, through Ninepoint’s recently formed Digital Asset Group, Ninepoint expects to offer a cost-efficient structure to Unitholders for ongoing management fees.

Ninepoint believes that the Fund will have the lowest management fee structure for a listed Bitcoin vehicle in Canada. An annual management fee of 0.70% of the Fund’s net asset value, calculated daily and payable monthly in arrears, plus applicable taxes, will be paid to Ninepoint in respect of each of the Class A Units, the Class F Units and the Class S Units of the Fund.

The Fund’s Bitcoin will be valued based on the MVIS CryptoCompare Institutional Bitcoin Index maintained by MV Index Solutions GmbH (“MVIS”), or a successor or alternative institutional-quality index. MVIS is a wholly-owned subsidiary of Van Eck Associates Corporation, a large, long-standing, and well-regarded financial services firm.

Ninepoint will act as trustee and manager of the Fund.

Agents

The Offering was conducted by a syndicate of agents led by Canaccord Genuity Corp. and INFOR Financial Inc. and included Echelon Wealth Partners Inc., PI Financial Corp., Richardson Wealth Limited, Leede Jones Gable Inc., Mackie Research Capital Corporation and Sightline Wealth Management LP.

The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold, directly or indirectly, in the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable securities laws of any state of the United States or in reliance on an exemption from such registration requirements. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the securities set out herein in the United States.

About Ninepoint Partners LP

Based in Toronto, Ninepoint Partners is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies including North American Equity, Global Equity, Real Assets & Alternative Income. Ninepoint Digital Asset Group is a division of Ninepoint Partners.

For more information on Ninepoint, please visit www.ninepoint.com or inquiries regarding the Offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

Media Contact:

Wealth Matters Consulting
Mary Victoria Falzarano
561-578-0697
MVF@WEALTHMATTERSCONSULTING.COM