Yahoo Finance Ninepoint Announces Proposal to Change the Investment Objectives of Ninepoint Bitcoin ETF
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TORONTO, March 02, 2023 (GLOBE NEWSWIRE) -- Ninepoint Partners LP, the manager (the “Manager” or “Ninepoint”) of Ninepoint Bitcoin ETF (“Ninepoint Bitcoin ETF” or the “Fund”) (TSX: BITC; BITC.U), announced today its proposal to change the investment objectives of Ninepoint Bitcoin ETF, subject to approval by the holders of units of the Fund (“Unitholders”) at a special meeting (the “Meeting”) to be held on or about April 20, 2023.
Ninepoint Bitcoin ETF’s current investment objectives are to seek to provide Unitholders with exposure to digital currency 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. Subject to Unitholder approval at the Meeting, Ninepoint proposes changing the investment objectives of the Fund to be to seek to provide Unitholders with capital appreciation by investing in a diversified portfolio comprised primarily of equity and equity-related securities of companies that give investors exposure to emerging technologies such as Web3, the blockchain and digital asset-enabled internet. The change to the Fund’s investment objectives is subject to Unitholder approval at the Meeting, acceptance by the Toronto Stock Exchange and all other required regulatory approvals. If approved, the change to the investment objectives will be implemented in May 2023. The Fund will also change its investment strategies, its name to Ninepoint Web3 Innovators Fund, and its tickers to TSX: TKN; TKN.U to better reflect the Fund’s new investment objectives.
Web3 is a new vision of the internet, incorporating concepts such as decentralization, digital assets and blockchain technologies. As with previous eras of the web, the companies that harness its potential could have an impact on every industry in the economy from finance to telecommunication, energy, media and beyond.
Further details surrounding the proposed change to the Fund’s investment objectives and the other changes that would occur together with this change will be outlined in the Fund’s notice of special meeting of Unitholders and management information circular that will be prepared and delivered to Unitholders in connection with the Meeting and will be available under the Fund’s profile on www.sedar.com.
About Ninepoint Partners LP
Based in Toronto, Ninepoint Partners LP 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 spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets. Ninepoint Digital Asset Group is a division of Ninepoint.
For more information on Ninepoint, please visit www.ninepoint.com or for inquiries regarding Ninepoint Bitcoin ETF, please contact us at 416.362.7172 or 1.888.362.7172 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 Ninepoint Bitcoin ETF. 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 Ninepoint Bitcoin ETF 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.
