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TORONTO, May 31, 2023 (GLOBE NEWSWIRE) -- Ninepoint Partners LP, the manager (the “Manager” or “Ninepoint”) of Ninepoint Bitcoin ETF, now Ninepoint Web3 Innovators Fund (the “Fund” or “Ninepoint Web3 Innovators Fund”) (TSX: TKN; TKN.U), is pleased to announce the completion of the previously announced change to the investment objectives of the Fund.
Effective today, the Fund has changed its name to Ninepoint Web3 Innovators Fund and its investment objectives to be to seek to provide unitholders of the Fund (“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 (“Web3”).
Web3, the “Read-Write-Own Web” is a decentralized Internet intended to allow individuals to securely trade assets like money, securities, intellectual property, and art privately and peer to peer. Web3 has the potential to be more fair, private, decentralized, resilient, and a more inclusive system for economic and social interactions that will empower individuals, entrepreneurs, creators, and enterprises. The Manager believes that this will be made possible through Web3’s utilization of blockchain technology, the first digital medium for value, enabling the movement, storage, and management of digital assets.
As with prior eras of the Internet, the Manager expects Web3 will become an integral technology for business. As Web3 becomes more widely used, investors may capture the upside by investing in public equities and other publicly traded securities that offer exposure to the most dynamic organizations in this space.
Ninepoint believes that Unitholders will enjoy the following benefits from investing in Ninepoint Web3 Innovators Fund:
Convenient Way to Get Exposure to Web3: Ninepoint Web3 Innovators Fund’s investment objectives and strategies offer diversification by providing Unitholders with exposure to widespread innovation in digital assets and the emerging field of Web3. This strategy gives Unitholders access to a much larger investment universe, while remaining focused on digital asset innovation.
Growing Investment Universe: Increasingly, leading companies in the digital asset and Web3 industry have gone public or plan to go public, and the Manager believes that this trend will continue. As this occurs, the investment universe becomes broader and deeper across different industries. The Manager believes that this should be a tailwind for Ninepoint Web3 Innovators Fund with its investment objectives and strategies setting it up for long-term success.
Digital Asset Exposure, Including Bitcoin: Ninepoint Web3 Innovators Fund may indirectly own Bitcoin via other listed Canadian cryptocurrency exchange-traded funds and will get high exposure to Bitcoin from publicly listed companies operating entirely in the digital asset world. The Manager continues to believe that Bitcoin is a staple of any Web3 portfolio and believes Ninepoint Web3 Innovators Fund’s portfolio approach gives it optimal exposure to the underlying asset.
Exposure to Enterprise Adoption of Web3: The investment objectives will allow Ninepoint Web3 Innovators Fund to invest in leading companies harnessing Web3 and related technologies to transform their industry or business. In the same way the first eras of the World Wide Web unlocked new value in the economy for those firms willing to see its potential, the Manager believes that Web3 will also deliver value for enterprise leaders.
Uniquely Positioned in Canada: The Ninepoint Digital Asset Group has been a leader in researching and studying digital asset transformations for years. Web3 has been a central focus of the Manager since 2021.
Experienced Manager with Track Record in Alternative Assets: The Manager has a long and successful track record of launching exchange-traded investment products that provide investors with exposure to novel or emerging asset classes and industries.
“As with past eras of the Internet, Web3 promises to transform business, culture and society in profound and perhaps unexpected ways. There will be winners and losers as leaders of the old paradigm are forced to make way for the Web3 champions of tomorrow,” said Alex Tapscott, Managing Director, Digital Asset Group at Ninepoint.
“Our job is to identify those Web3 winners,” added John Wilson, Ninepoint’s Co-CEO and Managing Partner. “To do that we bring to bear a terrific team headed by Alex Tapscott, who has been a globally recognized leader in blockchain since 2015.” Wilson added, “Innovation is not just a buzzword for us; it is ingrained in our DNA. We are excited to be at the forefront of this technological revolution, helping our clients navigate the opportunities and challenges Web3 creates.”
Also effective as of today, the Fund has changed its investment strategies and its tickers to TSX: TKN; TKN.U to better reflect the Fund’s new investment objectives.
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 Web3 Innovators Fund, please contact us at (416) 362-7172 or 1 (888) 362-7172 or invest@ninepoint.com.
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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 the Fund. 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 the Fund 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.
