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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

BTC Investment Trust Inches Away from Becoming World’s First BTC Fund

Yashu Gola
Yashu Gola
4 years ago
2 mins read

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Bitcoin Investment Trust (BIT) is all set to become the world’s first Bitcoin investment fund, the Wall Street Journal reports.

According to the available information, the Barry Silbert-led trust has gone through a smart route to obtain a regulator license for trading on an electronic platform, managed by OTC Markets Group Inc. The company reportedly exploited a rule that allows private fund holders to sell their shares after the lockup period of 12 months. This subsequently allowed them to make its long-held shares available to investors, which subsequently simplified their process to obtain approval from the Financial Industry Regulatory Authority (FINRA) as well.

The step consecutively challenged Winklevoss Twins, whose Bitcoin Trust is still being reviewed by the Securities and Exchange Commission (SEC) for being approved for public listing. However in the past, both Tyler and Cameron Winklevoss have argued about Mr. Silbert’s fund, explaining how it will continue to stay unattractive to investors if it isn’t backed by the SEC.

Technically, the aforesaid claim is quite correct. BIT’s Bitcoin investment fund cannot be classified as an Exchange Traded Fund (ETF). But once its shares are available publicly, it is very well poised to act like one — a proxy ETF you may say.

As of Sunday March 1, OTC Markets cited the BIT shares to its “pink sheets” website, under a temporary sticker symbol BTCV. Meanwhile, Silbert also assured to have received a permanent ticker symbol, GBTC, from FINRA, and is “expected to be effective shortly.” He also informed about their plans to obtain approvals for listing BIT’s shares on OTCQX, under the Alternative Reporting Standards. The latter is OTC’s top marketplace, having much higher standards than its pink sheets listings.

“Each share of BIT is worth approximately one-tenth of a bitcoin. As of Friday, the trust’s net asset value stood at $24.43 per share,” as per the WSJ.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Comments 1

  1. JIm says:
    9 years ago

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  1. JIm says:
    9 years ago

    I recommend invest to Cloud Mining Bitcoin Service stable,fast and profitable.Company with good platform .Seven data-centres. High earning power.Return on investment within 4-5 months.

    Reply

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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