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....
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The Financial Industry Regulatory Authority (FINRA), the largest independent regulator in the US, issued an investor alert about bitcoin on 11th March, calling the digital currency "more than a bit risky" as part of a new warning to consumers and investors. FINRA said the alert aims to raise awareness about the downsides of bitcoin investments in light of the recent high-profile struggles of bitcoin business. Read the release: "FINRA is issuing this alert to caution investors that buying and using digital currency such as bitcoin carry risks. Speculative trading in bitcoins carries....
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....
FINRA believes the widespread use of blockchain could come to impact its core business practices. The self-regulatory organization for US brokers published a new report on blockchain tech yesterday that offers both a broad overview of the tech from the context of its industry, as well as its take on its potential impact on the brokerage sector. FINRA has been open about its work on the technology (in conjunction with its members) in the past, though the release constitutes some of its most direct comments to date. Most notably, FINRA said that, should the tech see broader use in the....
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....
The acquisition will reportedly allow Uphold to launch fractional equities in the United States in 2021. Cryptocurrency wallet and trading platform Uphold has received regulatory approval to purchase JNK Securities, a U.S. broker-dealer.In an announcement from Uphold today, the U.S. Financial Industry Regulatory Authority, or FINRA, gave the firm the green light to acquire JNK Securities. Uphold said the acquisition is aimed at allowing the platform to launch fractional equities in the United States later this year in addition to providing an interface for users to trade between crypto,....