Bitcoin Investment Trust Inches Away from Becoming World's First Bitcoin Investment Fund
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....
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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....
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....
The Bitcoin Investment Trust (BIT) now holds more than 100,000 BTC, according to Barry Silbert, CEO of SecondMarket and founder of the trust. Silbert has big plans for the Bitcoin Investment Trust, which is expected to open for public investors sometime in the fourth quarter of 2014. For the time being, the trust is a private investment vehicle but once it opens to the general public, the fund is expected to attract a new breed of bitcoin investors. Silbert believes the 100,000 mark is a big milestone for BIT, and it's hard to argue otherwise. After all, this grand total amounts to almost....
SecondMarket is planning to open up its private bitcoin investment fund to ordinary investors. The change should be in place by the fourth quarter of 2014, the Wall Street Journal reports. SecondMarket launched its Bitcoin Investment Trust (BIT) last September, but it was reserved for private investors with $1m in assets and incomes above $200,000. The trust buys and sells bitcoins and allows investors to place bets on the value of bitcoin without owning any coins directly. The company currently has $54m in assets under management. SecondMarket now seems to be looking to expand the fund by....
The fine people over at Seeking Alpha posted some interesting counter arguments as to why people should not invest in Bitcoin Investment Fund. Even though they openly admit they do not like Bitcoin or digital currency, as it will ultimately fail as a currency due to inherent flaws. Calling bitcoins the “Dumb Investment of the Week” seems to be a sign of shortsightedness, but that is a topic of debate for a different time. Whenever a company in the Bitcoin space reaches a significant milestone of investment, there are those who oppose the entire idea of using digital currency in the first....