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Bitcoin Trust Files Final Prospectus

[Not for distribution to United States newswire services or for dissemination in the United States]

TORONTO, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Ninepoint Partners LP (“Ninepoint”) is pleased to announce that Bitcoin Trust (the “Fund”) has filed a final prospectus in connection with its offering (the “Offering”) of Class A Units (“Class A Units”), Class F Units (“Class F Units”) and/or Class S Units (“Class S Units” and, together with the Class A Units and Class F Units, the “Units”). A receipt for the final prospectus has been issued by the securities regulatory authorities in each of the provinces and territories of Canada. The Units are being offered at a price per Unit of US$10.00 (or C$12.762).

The maximum size of the Offering is US$500,000,000. The closing of the Offering is expected to occur on or about January 27, 2021 and is subject to customary closing conditions, including the receipt of all necessary regulatory approvals. The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Class A Units, which will trade in both US dollars and Canadian dollars under the symbols “BITC.U” and “BITC.UN”, respectively, subject to the fulfillment of TSX requirements. The Class F Units and the Class S Units will not be listed on a stock exchange but will be reclassified as Class A Units immediately upon the closing of the Offering.

Investment Objectives

The Fund’s investment objectives are to seek to provide holders of Units (“Unitholders”) of the Fund with exposure to digital currency bitcoin (“Bitcoin”) through an institutional-quality platform that is cost-efficient to Unitholders and to provide a secure, simpler and exchange-traded investment alternative for buying and holding Bitcoin.

Investment Strategies and Fund Highlights

The Fund intends to achieve its investment objectives by investing directly in Bitcoin while using high quality service providers, including digital asset trading counterparties, trading platforms and custodians, and independent auditors, legal and valuation agents, in order to manage the assets of the Fund. By having in-house expertise, through Ninepoint’s recently formed Digital Asset Group, Ninepoint expects to offer a cost-efficient structure to Unitholders for ongoing management fees.

Ninepoint believes that the Fund will have the lowest management fee structure for a listed Bitcoin vehicle in Canada. An annual management fee of 0.70% of the Fund’s net asset value, calculated daily and payable monthly in arrears, plus applicable taxes, will be paid to Ninepoint in respect of each of the Class A Units, the Class F Units and the Class S Units of the Fund.

The Fund’s Bitcoin will be valued based on the MVIS CryptoCompare Institutional Bitcoin Index maintained by MV Index Solutions GmbH (“MVIS”), or a successor or alternative institutional-quality index. MVIS is a wholly-owned subsidiary of Van Eck Associates Corporation, a large, long-standing, and well-regarded financial services firm.

Ninepoint will act as trustee and manager of the Fund.

Agents

The offering is being conducted by a syndicate of agents led by Canaccord Genuity Corp. and INFOR Financial Inc. and including Echelon Wealth Partners Inc., PI Financial Corp., Richardson Wealth Limited, Leede Jones Gable Inc., Mackie Research Capital Corporation and Sightline Wealth Management LP.

The Offering is only made by the final prospectus of the Fund dated January 19, 2021 (the “Prospectus”). The Prospectus contains important information relating to the securities being offered. Copies of the Prospectus may be obtained from one of the agents noted above or through www.sedar.com. Investors should read the Prospectus before making an investment decision.

The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold, directly or indirectly, in the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable securities laws of any state of the United States or in reliance on an exemption from such registration requirements. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the securities set out herein in the United States.

About Ninepoint Partners LP

Based in Toronto, Ninepoint Partners is one of Canada’s leading alternative investment management firms overseeing approximately $7 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 invest@ninepoint.com.

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.


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