Have a chunk of bitcoin you want to sell? SecondMarket might be willing to scoop it up from you. The company, which manages the Bitcoin Investment Trust, has set up a page on their website dedicated to the cause.
SecondMarket is currently buying bitcoin. Any bitcoin holders interested in selling blocks of bitcoin can benefit from our deep knowledge base of the bitcoin markets.
Here are the outlined steps to completing such a transaction, according to SecondMarket:
- Seller completes a New Account Profile (NAP) form
- SecondMarket notifies seller of approval to trade once compliance procedures are completed
- Seller negotiates price with SecondMarket traders (min. transaction size: 25 BTC)
- Seller sends bitcoin to SecondMarket wallet
- After 6 confirmations on the blockchain network, a wire is sent to the seller’s bank account
- SecondMarket provides a FED reference number for tracking purposes
You’ll notice that the minimum transaction size is 25 BTC (a bit under $20,000 at the current exchange rate), so this isn’t for the small-time enthusiast (that’s not to say a small-time enthusiast can’t hold 25 BTC, of course).
It certainly seems like SecondMarket is trying to build quite the collection of bitcoin. Is their investment trust doing a whole lot better than they expected?