Bitcoin News Today – A Canadian bitcoin trust is on the cusp of converting to an ETF
A Canadian bitcoin trust is in the final stages of its bid to convert to an exchange-traded fund (ETF).
The unitholders of investment manager Ninepoint’s Bitcoin Trust approved the conversion bid earlier this month. A final prospectus for the proposed ETF was filed on April 28, according to Ninepoint, which said Friday that it “filed a final prospectus and received a receipt for its final prospectus from the securities regulatory authorities in each of the provinces and territories of Canada.”
As the company noted:
“Subject to applicable regulatory and stock exchange approvals, the Conversion is expected to occur on or about May 6, 2021 (the “Effective Date”). On the Effective Date, units of Bitcoin Trust will be converted to units of the ETF on a 1:1 basis. Unitholders are not required to take any action in order to be recognized as holders of units of the ETF following the Conversion.”
Indeed, many market observers hoping for a U.S. bitcoin ETF have pointed to recent Canadian approvals as an encouraging sign, hoping the SEC may feel more confident with successful products to point to just north of the border.
Earlier this week, the SEC delayed a final decision on a bitcoin ETF filing submitted by VanEck.