The fund aims to give investors exposure to bitcoin’s price on a regulated and liquid exchange, and without having to own the bitcoins themselves.
Shares of the the proposed fund would trade under the symbol “COIN.” It was registered with the Securities and Exchange Commission (SEC) earlier this year. While the fund even reportedly showed up on Bloomberg terminals, it has not yet been approved. The entire registration statement can be viewed here.
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DC Magnates has not yet been able to verify the report. Of note is that in the registration statement, it is stated that 1 million shares would be listed for a price of $20.09 each. These numbers are the same in earlier versions of the statement as well as in today’s release. At this point, we cannot rule out that the statement’s numbers, which bear resemblance to those reported, caused confusion among reporters.
The most recent version also says that each share represents 0.2 BTC. The proposed share price is based on bitcoin’s traded price ($100.45) on Mt. Gox, BitStamp and BTC-e on On June 27, 2013.
If confirmed, the reports could be a major boost for a Bitcoin world seeing both the price of its currency (which has thus far not yet reacted to the reports) close out the year near 2014 lows and, in general, not much news during the quiet holiday season.