Bitcoin Trust Announces Unitholder Approval of Conversion Into Exchange Traded Fund
Not for distribution to U.S. newswire services or for dissemination in the United States.
TORONTO, April 19, 2021 (GLOBE NEWSWIRE) — Ninepoint Partners LP, the manager (the “Manager” or “Ninepoint”) of Bitcoin Trust (the “Fund”) (TSX: BITC.U; BITC.UN), 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 conversion (the “Conversion”) of the Fund into an exchange-traded fund to be named “Ninepoint Bitcoin ETF” (the “ETF”), as contemplated in the management information circular of the Fund dated March 19, 2021. Subject to applicable regulatory and stock exchange approvals, the Conversion is expected to occur on or about May 6, 2021, or such other date as the Manager may determine in its sole discretion (the “Effective Date”). On the Effective Date, units of the Fund will be converted to units of the ETF on a 1:1 basis. Unitholders are not required to take any action in order to be recognized as holders of units of the ETF following the Conversion.
The Fund will continue to trade on the Toronto Stock Exchange (“TSX”) under its current ticker symbols until the Effective Date. Subject to the fulfillment of TSX requirements, after the Conversion, the units of the 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”.
About Ninepoint Partners LP
Based in Toronto, Ninepoint 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.
For more information on Ninepoint, please visit www.ninepoint.com or for inquiries regarding the Fund, the Conversion or the ETF please contact us at (416) 943-6707 or (866) 299-9906 or [email protected].
Wealth Matters Consulting
Mary Victoria Falzarano
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.