Topic: Edgar: Winklevoss Bitcoin trust registers 1 million shares - page 2. (Read 1207 times)
Yes - it is a Bitcoin ETF that will be listed on the NASDAQ. Regular investors, retirement funds, etc will be able to invest, albeit somewhat indirectly, in bitcoins.
This seems like pretty bullish news. The trust is going to buy bitcoins equal to the value of the securities it issues, less some reserve for administrative costs.
So any money invested in the trust will be invested in real bitcoins.
From the Edgar filing: "The Trust expects to create and redeem Shares from time to time but only in Baskets (a Basket equals a block of [50,000] Shares). The number of outstanding Shares is expected to increase and decrease from time to time as a result of the creation and redemption of Baskets. The creation and redemption of Baskets requires the delivery to the Trust, or the distribution by the Trust, of the number of Bitcoins represented by the Baskets being created or redeemed."
And this: "The Trust’s assets will consist solely of Bitcoins. Each Share will represent a proportional interest, based on the total number of Shares outstanding, in the Bitcoins held by the Trust, less the Trust’s liabilities (which include accrued but unpaid fees and expenses)."
And I like this too: "The Trust has no fixed termination date."
Full filing here: http://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm
So any money invested in the trust will be invested in real bitcoins.
From the Edgar filing: "The Trust expects to create and redeem Shares from time to time but only in Baskets (a Basket equals a block of [50,000] Shares). The number of outstanding Shares is expected to increase and decrease from time to time as a result of the creation and redemption of Baskets. The creation and redemption of Baskets requires the delivery to the Trust, or the distribution by the Trust, of the number of Bitcoins represented by the Baskets being created or redeemed."
And this: "The Trust’s assets will consist solely of Bitcoins. Each Share will represent a proportional interest, based on the total number of Shares outstanding, in the Bitcoins held by the Trust, less the Trust’s liabilities (which include accrued but unpaid fees and expenses)."
And I like this too: "The Trust has no fixed termination date."
Full filing here: http://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm
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