#Canadian firm files final prospectus for Bitcoin ETF

“#Canadian firm files final prospectus for Bitcoin ETF”

                Subject to regulatory approval, the asset manager should convert its Bitcoin trust to an ETF starting next week.
                <p>After putting the matter to a vote amongst the unitholders of its Bitcoin trust, Toronto-based investment manager Ninepoint Partners has filed its final prospectus for a Bitcoin exchange-traded fund.

According to an announcement from Ninepoint today, the securities regulatory authorities in each of the 10 provinces and 3 territories of Canada have acknowledged receipt for its application to establish a Bitcoin (BTC) exchange-traded fund, or ETF. The firm said in March it would allow its unitholders to vote on whether to convert its existing BTC trust to a Bitcoin ETF on the Toronto Stock Exchange, or TSX.

Ninepoint is aiming for the BTC trust to be converted to a Bitcoin ETF starting next Thursday, May 6, subject to regulatory and stock exchange approvals. Should the application be successful, the Ninepoint Bitcoin ETF would trade on the TSX under the ticker symbols used for its Bitcoin trust: BITC.U for U.S. dollars. However, the firm will shorten the BITC.UN ticker for the trust’s units in Canadian dollars to BITC for the ETF.

Canadian regulators have given the green light to many firms applying for crypto ETFs this year, including offerings from investment fund manager 3iQ, Purpose Investments, Evolve Funds Group and CI Global Asset Management. However, yesterday in the United States the Securities and Exchange Commission delayed its decision to approve or disapprove a Bitcoin ETF registration from asset manager VanEck.

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