March 3, 2021, 3:54 PM
Less than a month after the first Bitcoin exchange-traded fund debuted in Canada, a Toronto-based asset manager is looking to convert its cryptocurrency trust to the format.
Ninepoint Partners LP plans to ask holders of its $266 million (C$335 million) Bitcoin Trust (BITC.U) to approve its conversion from a closed-end investment fund into an ETF, according to a statement Wednesday. The firm, which manages $9 billion in assets, cited increased liquidity and a better price to the fund’s net asset value as reasons for the change.
Discounts and premiums to the net-asset value are common among such crypto trust because…