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Investment Firm Ninepoint Proposes Switching Bitcoin ETF Strategy After Falling 45% in a Year

Canadian alternative investment management firm Ninepoint is proposing changing the investment strategy of its bitcoin exchange-traded fund (ETF) to diversify from just buying bitcoin into other Web3 and blockchain-related equities.

The fund, Ninepoint Bitcoin ETF (BITC.CA), is traded on the Toronto Stock Exchange (TSX) and has about $21 million in assets under management, according to its website. It previously aimed to provide investors exposure to bitcoin, without having to buy the digital asset through a crypto exchange. With the price of bitcoin falling about 47% in last 12 months, Ninepoint is now proposing changing its strategy to diversify its holdings, according to a statement.

The ETF is up about 41% this year but has fallen roughly 45% in the last 12 months and is down 15% since inception, the website said. Another Canadian bitcoin fund, Purpose Bitcoin ETF (BTCC.CA) has also fallen about 50% in last 12 months.

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