SecondMarket's bitcoin offering defines new asset class
It's not every day that a new asset class is born. The last time was probably a few decades ago when managed futures funds became an accepted asset class among portfolio managers. Now, alternative trading system company SecondMarket has launched The Bitcoin Investment Trust (BIT), an open-ended, private trust that is exclusively invested in bitcoin and derives its value solely from the price of bitcoin. The private investment vehicle is based in the US and open to institutional and accredited individual investors. Alternative Currency Asset Management (ACAM), a wholly-owned subsidiary of....
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Barry Silbert: he's one busy businessman. From CEO of SecondMarket and the Bitcoin Investment Trust, in addition to the leader of the new Bitcoin Opportunity Corp., he's had quite a lot going on. And now we're learning via BusinessInsider that Silbert is planning to step down from his role as CEO at SecondMarket, an online illiquid asset marketplace. He's reportedly now exclusively committed to working on his bitcoin-related ventures, specifically the Bitcoin Investment Trust, which allows major investors to get involved with bitcoin in a secure manner. Silbert will still remain the....
SecondMarket has not yet launched its institutional bitcoin exchange - it's expected later this year. However, the company has added a new page to their website for "market making" as clarified by founder and CEO Barry Silbert over Twitter: FYI, we did NOT launch a digital currency exchange today. Just added a new web page for our bitcoin "market making" https://t.co/PoeNmfN2ZS. - Barry Silbert (@barrysilbert) April 16, 2014. New York-based SecondMarket previously confirmed that it will launch a professional-level bitcoin exchange service for institutional traders (including banks, hedge....
It would appear as if the SecondMarket online illiquid asset marketplace has opened its doors to many more investors with the opening of a full-service trading platform. Investors seeking to buy and sell in blocks of 25 BTC (over $12,000 USD at the current exchange rate) can enjoy personalized customer service and transactions that close in about one business day, according to the company's trading website. Investors looking to get involved will be required to complete a NAP (new account profile). Following approval to trade, SecondMarket will negotiate between buyers and sellers. For....
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....
A net asset valuation of SecondMarket's Bitcoin Investment Trust has pegged its value at $61.1 million USD (or 67,300 BTC) in a matter of three months. The trust was established in order to allow institutional investors to dabble into bitcoin - and it's clearly working. Wall Street continues to keep their watchful eyes on the digital currency. SecondMarket CEO Barry Silbert says himself that the performance of the trust has surpassed even his expectations, with a goal to hit $10 million USD by the year's end. Last week, Fidelity Investments - in partnership with SecondMarket - allowed....