We didn’t have to wait until Thursday, as SecondMarket CEO Barry Silbert projected to hear this news. The Wall Street Journal is reporting that SecondMarket’s Bitcoin Investment Trust could be open to all investors as soon as the fourth quarter of this year.
At the present, the fund is open to investors with $1 million + in assets who bring in at least $200,000 annually. Investors will have access to the fund via the OTC Markets electronic marketplace.
The fund will first need to be approved by OTC Markets in addition to the Financial Industry Regulatory Authority.
The WSJ reports that the Trust is looking for investment banks to serve as market-makers (or who will commit to buy or sell shares), in addition to a law firm who can act as a securities expert.
The announcement comes in the wake of news Tuesday that Fortress Investment group (in addition to two other investment firms) had partnered with Pantera Capital to form Pantera Bitcoin.
While it’s not yet known how popular SecondMarket’s plan will be with general investors, the company touts that the Bitcoin Investment Trust is a way to invest in bitcoin without having the know-how of buying, safeguarding, and storing the digital currency. [source: Wall Street Journal]