• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

BIT to be The First Publicly Traded Bitcoin Fund

Jeffrey Maxim by Jeffrey Maxim
7 years ago
in Bitcoin, Bitcoin Businesses, Bitcoin Exchange, Bitcoin Regulation, Companies, News, News teaser, Start-Ups
0
Advertisement

With approval from the Financial Industry Regulatory Authority (FINRA), the Bitcoin Investment Trust (BIT) is set to be the first publicly traded bitcoin fund.

BitbitcoinisttThe 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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“Bitcoin Investment Trust shares have been assigned a temporary ticker symbol by FINRA in connection with approval of the Form 15c-211 filed by the BIT’s market maker. The permanent ticker symbol will be GBTC and is expected to be effective shortly,” said the founder of BIT, Barry Silbert.

Despite being assigned a ticker symbol, Silbert said “no assurances can be given as to when or if such trading will commence, or that an active public secondary market for BIT shares will develop or be maintained”

Silbert is also looking to get the fund quoted under the Alternative Reporting Standards so shares of the fund can be traded the Over-The-Counter (OTC) exchange, OTCQX. Unlike funds listed on US stock exchanges, funds listed on OTC exchanges do not need approval from the SEC, the regulatory agency causing of the delay of the Winklevoss Twins’ fund.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

“We incubated the BIT to alleviate the problems of direct bitcoin ownership, including having to wire money to newly-established and potentially unregulated entities around the world,” said Silbert.

The fund originally launched in September of 2013, as a way for investors to buy the value of bitcoin without actually having to hold the underlying asset. The fund was not an ETF but instead used a “legal loophole” to sell shares of the fund to accredited investors.

Bitbitcoinist

The exchange is just one Silbert’s many efforts to promote and grow the digital currency. Besides talking about Bitcoin on the news and at conference, he also invested in numerous Bitcoin companies through his Bitcoin Opportunity Fund. The fund has invested in dozens of Bitcoin companies, including the Coinbase and BitPesa.

Silbert first became interested in the digital currency while working as the CEO at SecondMarket, a secondary market for company shares. He eventually left his role as CEO to pursue his interests in Bitcoin. Though he still active on the board of the company, he spends most of his time managing BIT and investing in bitcoin companies.

How do you think BIT will effect Bitcoin’s standing with Wall Street? Let us know in the comments below!

Photos courtesy of CNBC, bitcointrust.co, and Stocks on Wall Street.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jeffrey Maxim

Jeffrey Maxim

Related Posts

Bitcoin

Bitcoin Saw Largest Ever Monthly Withdrawal From Exchanges In June

11 hours ago
Tesla

Tesla Bitcoin Investment Dwindles By $440 Million As Crypto Winter Drags On

18 hours ago
Oslo Freedom Forum, Hong Fang screenshot

3 Lessons From The Oslo Freedom Forum: Bitcoin As A Tool – Mallers, Roem, Fang

20 hours ago
bitcoin miners

Head To Head: Bitcoin Miner Revenues Surpass Ethereum But There’s More

1 day ago
Warba Bank

Warba Bank Becomes 1st Islamic Lender To Enter The Metaverse

2 days ago
Sango, President Faustin-Archange Touadéra

The Central African Republic Unveils Sango Project, Disappoints The World

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.