TORONTO – Ninepoint Partners LP, the manager (the “Manager” or “Ninepoint”) of Ninepoint Bitcoin ETF (“Ninepoint Bitcoin ETF” or the “Fund”) (TSX: BITC; BITC.U), is pleased to announce that the special meeting (the “Special Meeting”) of unitholders of the Fund (the “Unitholders”) was held today.
At the Special Meeting, the Unitholders approved the previously announced change to the investment objectives of Ninepoint Bitcoin ETF to be to seek to provide Unitholders with capital appreciation by investing in a diversified portfolio comprised primarily of equity and equity-related securities of companies that give investors exposure to emerging technologies such as Web3, the blockchain and digital asset-enabled internet.
Web3 is a new vision of the internet, incorporating concepts such as decentralization, digital assets and blockchain technologies. As with previous eras of the web, the companies that harness its potential could have an impact on every industry in the economy from finance to telecommunication, energy, media and beyond.
"As with past eras of the Internet, Web3 promises to transform business, culture and society in profound ways. There will be winners and losers as leaders of the old paradigm make way for the Web3 champions of tomorrow," said Alex Tapscott, Managing Director, Digital Asset Group at Ninepoint.
“With the launch of the Ninepoint Web3 Innovators Fund, investors will have a way to participate directly in the potential of Web3 by investing in businesses harnessing this transformational technology” commented John Wilson, Ninepoint’s Co-CEO and Managing Partner.
Subject to the fulfillment of Toronto Stock Exchange (the “TSX”) requirements and all other required regulatory approvals, the change to the Fund’s investment objectives will be implemented on or about May 31, 2023 (the “Effective Date”). On the Effective Date, the Fund will also change its investment strategies, its name to Ninepoint Web3 Innovators Fund, and its tickers to TSX: TKN; TKN.U to better reflect the Fund’s new investment objectives. The Fund will continue to trade on the TSX under its current ticker symbols until the Effective Date.
About Ninepoint Partners LP
Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $8 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 spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets. Ninepoint Digital Asset Group is a division of Ninepoint.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expects”, “intends”, “anticipates”, “will” and similar expressions to the extent that they relate to the Fund. The forward-looking statements are not historical facts but reflect Ninepoint's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Ninepoint believes the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the Fund nor Ninepoint undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.