TORONTO – Ninepoint Partners LP (“Ninepoint”), the manager of Bitcoin Trust (the “Fund”) (TSX: BITC.U; BITC.UN), announces that a special meeting of unitholders (“Unitholders”) of the Fund will be held on or about April 19, 2021 (the “Meeting”).
At the Meeting, Unitholders will be asked to approve the conversion of the Fund (the “Conversion”) from a closed-end investment fund into an exchange-traded fund (“ETF”), along with certain other changes considered ancillary, necessary or desirable, in the opinion of Ninepoint to facilitate and implement the Conversion. Upon the effective date of the Conversion, the Fund will become “Ninepoint Bitcoin ETF”. The Fund will continue to trade on the Toronto Stock Exchange (“TSX”) under its current ticker symbols until the effective date of the Conversion. Subject to the fulfillment of TSX requirements, after the Conversion, Ninepoint expects that the units of Ninepoint Bitcoin ETF will continue to trade on the TSX in US dollars under the symbol “BITC.U” and will trade on the TSX in Canadian dollars under the symbol “BITC”.
“By taking this step, Ninepoint is demonstrating its long-term commitment to being Canada’s leading provider of innovative, safe and efficient digital asset investment products,” said James Fox, Co-CEO and Managing Partner of Ninepoint.
All costs of the Conversion, including with respect to the Meeting, will be borne by Ninepoint.
Ninepoint believes that Unitholders will benefit from the Conversion for the following reasons:
Unitholders of record of the Fund at the close of business on March 19, 2021 will be entitled to vote at the Meeting. If approved, the Conversion is expected to be implemented in May 2021, subject to obtaining the required regulatory approvals. Details of the proposed Conversion will be further outlined in the Fund’s Notice of Special Meeting of Unitholders and management information circular that will be prepared and delivered to Unitholders in connection with the Meeting and will be available under the Fund’s profile on www.sedar.com.
About Ninepoint Partners LP
Based in Toronto, Ninepoint Partners 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 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 firstname.lastname@example.org.
Wealth Matters Consulting
Mary Victoria Falzarano