company:winklevoss bitcoin trust

  • Bitcoin : Price in Jeopardy After SEC Bitcoin ETF Decision | Fortune.com
    http://fortune.com/2017/03/10/bitcoin-price-etf-winklevoss-approval

    Bitcoin buyers were hoping that the so-called cryptocurrency, created through digital “mining,” would soon become available on the open stock market in the form of an exchange-traded fund (ETF). That way, mainstream investors could purchase Bitcoin as easily as they can now buy Snap stock following Snapchat’s IPO, theoretically pushing the Bitcoin price higher.

    But the SEC made a decision Friday to prevent the proposed ETF, the Winklevoss Bitcoin Trust, from joining a stock exchange, citing “concerns about the potential for fraudulent or manipulative acts and practices” in Bitcoin trading. The sponsors of the ETF, the Winklevoss twins known for their controversial role in the founding of Facebook (FB, +0.40%)), had proposed that the Bitcoin-only fund would trade like a regular stock under the ticker symbol “COIN.”
    […]
    Or consider the strategy of Sean Everett, an entrepreneur specializing in artificial intelligence who recently launched a very small hedge fund called the Base Code fund. Last week, Everett sold all of his stocks in the fund as well as in his personal accounts, including Apple, Nvidia and Amazon stock.

    Instead, Everett says he will invest a third of his assets directly in Bitcoin, a third in Ethereum (another type of cryptocurrency that is cheaper than Bitcoin but has surged even more recently), and keep the rest in cash. “Now that gold is the same price as bitcoin, we believe that an investor will have a choice between the two and might end up choosing things like crypto during the next market downturn,” Everett says.

  • The, um, unusual risks of investing in the Winklevoss #bitcoin ETF - Quartz
    http://qz.com/99632/winklevoss-bitcoin-etf-risk-factors

    Cameron and Tyler Winklevoss are forming an exchange-traded fund (ETF) for bitcoin, the alternative currency in which they hold a large stake.

    The twins, best known for their tangential role in Facebook’s founding, just filed the paperwork for a public listing of the Winklevoss Bitcoin Trust at a proposed valuation of $20 million.

    (...) the [risks] listed in the Winklevoss prospectus are unique:

    The trust may not have adequate sources of recovery if its bitcoins are lost, stolen or destroyed.