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Bitcoin Fund Launched By The Winklevii

Cameron and Tyler Winklevoss, co-founders of ConnectU Inc., arrive at the U.S. District Court in BostonNew York (HedgeCo.Net) – Twins Cameron and Tyler Winklevoss, former Olympic rowers, (also called the Winklevii in the Facebook movie ‘The Social Network’) have revealed plans to float a fund based on the digital currency Bitcoins, DealBook reports.

The twins are venture capitalists, according to Wikipedia, and have led a seed funding round for Bitcoin payment processor BitInstant. In April 2013, the brothers claimed they owned nearly 1% of all Bitcoin in existence at the time.

Andrew Ross Sorkin’s DealBook reports: “The twins filed a proposal with securities regulators on Monday that would allow any investor to trade bitcoins, just as if they were stocks. The plan involves an exchange-traded fund, which usually tracks a basket of stocks or a commodity, but in this case would hold only bitcoins.”

The new fund Winklevoss Bitcoin Trust would initially sell $20m of shares, with each share worth a fraction of a Bitcoin, a filing with US regulator the Securities and Exchange Commission showed.

“The trust brings bitcoin to Main Street and mainstream investors to bitcoin,” said Tyler Winklevoss, according to DealBook, “It eliminates the friction of buying and reduces the risks associated with storing bitcoin while offering similar investment attributes to direct ownership.”

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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