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Canadian mutual fund manager CI Financial Corp. completed a US$72-million initial public offering of a Bitcoin fund to help clients access the cryptocurrency in the midst of an eye-catching rally.
The IPO consisted of units sold at $12.88 (US$10) apiece, CI Financial said in a statement Wednesday. The CI Galaxy Bitcoin Fund’s shares will start trading in U.S. and Canadian dollars on the Toronto Stock Exchange.
The fund enables CI Financial’s clients to hold the cryptocurrency through their existing investment channels without needing to venture into new accounts or platforms, CI Financial Chief Executive Officer Kurt MacAlpine said. The offering attracted interest from a broad range of backers, including institutions, individuals, high-net-worth investors and financial advisers, he said.
“Having a product that can be bought directly — it can be bought through their financial adviser on behalf of them — it just makes their life a lot simpler than having to address their desire for Bitcoin via different structures and wallets,” MacAlpine said in an interview.
