Less than ii months afterwards launching trading for shares of its Bitcoin trust, Canada-based investment director Ninepoint Partners is planning to modify its offering to an exchange-traded fund.

In an announcement on March three, Ninepoint said it would be property a vote for unitholders to make up one's mind on whether to catechumen its existing Bitcoin (BTC) trust to an exchange-traded fund, or ETF, on the Toronto Stock Exchange. The firm said the move is intended to provide a meliorate trading price and increased trading liquidity. Investors will be able to vote on the matter on April 19.

"Ninepoint'south Bitcoin Trust IPO was the largest in Canadian history, raising $180 million, so we've already had plenty of success in this asset class," said Ninepoint co-CEO James Fox. "Every bit a firm, we non only take deep experience in ETF'due south but too leading digital nugget expertise and we intend to exist a leader in this manufacture for years to come."

The firm said that if successful, the Ninepoint Bitcoin ETF would proceed to trade on the Toronto Stock Exchange under the ticker symbols used for its Bitcoin trust: BITC.U for U.S. dollars. However, Ninepoint would change the BITC.UN ticker for Canadian dollars to BITC.

Ninepoint's decision to convert its existing BTC trust follows other investment firms capitalizing on the previously untapped ETF market for cryptocurrencies in Canada. After Purpose Investments launched its own Bitcoin ETF on February. 18, the fund reached more than $529 1000000 in volume. Yesterday, Evolve Funds Group likewise announced it had filed a prospectus with Canadian regulators for approval to begin trading an Ether ETF.