“In line with our commitment to investors to better diversify their portfolios,” said John Wilson, CEO and Co-Managing Partner of Ninepoint. “Today we are offering investors an easier and more liquid way to invest in Bitcoin that tracks the underlying Bitcoin price more efficiently.”
In addition to the conversion, Ninepoint has also decided to change the indices. From the MVIS CryptoCompare Institutional Bitcoin Index (MVIBTC), which was previously used for the Bitcoin Trust, the MVIS CryptoCompare Bitcoin Benchmark Rate Index (MVIBBR) was established as the standard for evaluating the Bitcoin holdings of the ETF.
The new benchmark uses the five top-rated Bitcoin trading platforms that have been reviewed and rated by MVIS ‘CryptoCompare Benchmark Rating. Ninepoint believes that MVIBBR allows investors to track the US dollar price of Bitcoin more transparently and is more administratively efficient. MVIBBR is owned by a well-respected financial services company and is considered one of the most important and reliable indices in the market for tracking the US dollar price of Bitcoin.
Ninepoint has also announced a new addition to its line of liquid alternatives.
The Ninepoint Alternative Credit Opportunities Fund is expected to launch on Monday May 10th and seeks income and capital growth primarily through investments in a variety of Canadian, US and international fixed income securities – including convertibles, preferred stocks and structured notes – for the short term and long-term profit.