Press Release

Ninepoint announces completion of conversion of Bitcoin Trust into Ninepoint Bitcoin ETF

TORONTO – Ninepoint Partners LP, the manager (the “Manager” or “Ninepoint”) of Ninepoint Bitcoin ETF (the
“ETF”), is pleased to announce the completion of the conversion (the “Conversion”) of Bitcoin Trust from a closedend investment fund into the ETF.

As of today (the “Conversion Date”), the units of the ETF will continue to trade on the Toronto Stock Exchange (the
“TSX”) in US dollars under the symbol “BITC.U” and will trade on the TSX in Canadian dollars under the symbol
“BITC”. Units of Bitcoin Trust will be converted to units of the ETF on a 1:1 basis as of the Conversion Date.
Unitholders are not required to take any action in order to be recognized as holders of units of the ETF following the

“In keeping with our commitment to investors to help them better diversify their portfolios,” commented John Wilson,
co-CEO and Managing Partner at Ninepoint, “today we’re providing investors with an easier, more liquid way to
invest in bitcoin that more efficiently tracks the underlying bitcoin price.”

In connection with the Conversion, Ninepoint determined that the ETF will use the MVIS CryptoCompare Bitcoin
Benchmark Rate Index (the “MVIBBR”), rather than the MVIS CryptoCompare Institutional Bitcoin Index (the
“MVIBTC”), to value the ETF’s bitcoin as of the Conversion Date. The MVIBBR uses the top 5 rated bitcoin trading
platforms, as reviewed and rated by MVIS’ CryptoCompare Benchmark Rating, and the Manager believes using the
MVIBBR makes it more transparent for investors to track the U.S. dollar price of bitcoin, and is more efficient
administratively. Like the MVIBTC, the MVIBBR reliably values bitcoin, is maintained by a well-regarded financial
services firm, and is regarded in the market to be the one of the primary and reliable indexes against which to track
the U.S. dollar price of bitcoin.

About Ninepoint Partners LP
Based in Toronto, Ninepoint 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 including North American Equity, Global Equity, Real Assets &
Alternative Income. Ninepoint Digital Asset Group is a division of Ninepoint.

For more information on Ninepoint, please visit or for inquiries regarding the ETF, the
Conversion or Bitcoin Trust please contact us at (416) 943-6707 or (866) 299-9906 or

Media Contact:
Wealth Matters Consulting
Mary Victoria Falzarano