The Bitcoin Investment Trust (BIT) has more than 100,000 Bitcoins in its possession, said Barry Silbert, chief of Second Market and the trust’s founder.
Silbert plans to expand BIT further this year, as investors expect the trust to file for an IPO sometime in the fourth quarter. The firm is a private investment machinery that is expected to add a new type of investors once it sells stock to the public, according to the bitcoinnews.
BIT and Winklevoss Bitcoin Trust are competing for the same market and have to rise above several obstacles to enter the stock market. However, BIT has leverage in that it’s not an exchange-traded fund. This means that restrictions of the US Securities and Exchange Commission do not apply to Silbert the same way as with Winklevoss.
While BIT might side-step some of the SEC’s restrains, it still has to conform to certain unique requirements so that it does not have to go through the SEC approval process. Silbert has already clarified the plans he has for growth of BIT and the processes involved.
“Big milestone today for Bitcoin Investment Trust-now holds over 100,000 Bitcoin,”