Bitcoin Investment Trust Becomes the First Publicly Traded Bitcoin Fund

Bitcoin Investment Trust Becomes the First Publicly Traded Bitcoin Fund

The Wall Street Journal reports that Barry Silbert's Bitcoin Investment Trust (BIT) is about to become the first publicly traded Bitcoin fund. The BIT will be an interesting option for traditional investors looking for exposure to Bitcoin who prefer not to trade Bitcoin as currency. The BIT is sponsored by Grayscale Investments, a part of Silbert's Digital Currency Group. Currently, the BIT, launched in 2013, is a private, open-ended trust that is invested exclusively in bitcoin and derives its value solely from the price of bitcoin. It enables accredited investors, with annual incomes....


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Bitcoin Investment Trust Gets FINRA Green Light to Trade

The Bitcoin Investment Trust (BIT) is set to become the first publicly traded bitcoin fund, having received approval from FINRA, the largest independent securities regulator in the US. The trust, which launched as a private fund for accredited investors in 2013, is not technically an exchange-traded fund (ETF). To speed up the process of approval, the BIT has made use of a legal loophole that enables public fund holders to sell their shares after a 12-month period. Barry Silbert, creator of the Bitcoin Investment Trust, said: "Bitcoin Investment Trust (BIT) shares have been assigned a....

BIT to be The First Publicly Traded Bitcoin Fund

With approval from the Financial Industry Regulatory Authority (FINRA), the Bitcoin Investment Trust (BIT) is set to be the first publicly traded bitcoin fund. The exchange beats the famous Winklevoss Twins in their attempt to create the first Bitcoin ETF. The Winklevoss Twins’ exchange has been ready for more than a year, but has failed to launch due to not getting regulatory approval. The reason for the delay is that they are trying to create an exchange that any investor can participate in, while BIT is only available to accredited investors. “Bitcoin Investment Trust shares have been....

Fortress Investment Group to Launch Bitcoin Fund

New York City-based Fortress Investment Group, a publicly traded company, is reportedly planning to launch a bitcoin investment fund. It's being reported that the investment vehicle may be an unlisted Exchange Traded Fund (ETF). It appears that there might be some association between Fortress's effort and that of San Francisco-based Pantera Capital. Pantera, which has as clients some Fortress executives, has filed with the Securities and Exchange Commission (SEC) an investment advisor entity called Pantera Bitcoin Advisors, LLC. The filing shows Pantera Capital as the owner of the LLC,....

JPMorgan Star Blythe Masters Leads Digital Currency Startup

Digital economy startup Digital Asset Holdings will allow its clients to trade financial assets using bitcoin as operating currency for cheaper, faster and fully traceable transactions, Financial Times reports. Former JPMorgan Chase & Co. executive Blythe Masters will be the CEO of the new company, overseeing employees in New York, Chicago and Tel Aviv. This latest episode of the ongoing love story between Bitcoin and Wall Street follows a wave of announcements of new publicly traded Bitcoin financial products. Recently, Barry Silbert's Bitcoin Investment Trust became the first publicly....

Did Bitcoin Investment Trust Trading Push November Price Rally?

Trading in the Bitcoin Investment Trust (BIT), an open-ended trust invested exclusively in bitcoin, may have contributed to the November spike in bitcoin's price, according to The Wall Street Journal. On Oct. 21, for the first time, the spread between publicly-traded shares in the fund and the bitcoin price became negligible. On Nov. 3, 71,000 shares traded and the bitcoin price surged. A spokesman for the trust said the narrowed spread probably attracted investors to BIT. Arbitragers often try to profit from changes between assets and price, but do so, they must take a position in the....

Quotes

If it gets very popular, I can see the government clamping down. I think it would lead to a massive drop off in the number of users.

Alistair Cotton, Senior analyst with Currencies Direct