A recent filing with the SEC by none other than the Winklevii themselves, reveals some new developments in regards to the twins’ highly-anticipated and upcoming bitcoin exchange traded fund (ETF).
The Winklevoss twins recently filed an amended Form S-1 with the Secutiries and Exchange Commission. While the form acted as nothing more than an update to keep the SEC informed, the filing has revealed what many have been wondering since they first heard of the ETF — the ticker symbol.
The update acts as the fourth filing in total since the ETF’s initial proposal; the process as the twins have explained, is a daunting one that requires a grueling, yet meticulous process. The fund; however, has come a long way since its beginning, which was originally filed for on 1 July 2013.
As some have speculated, evident of the twins’ latest filing, the first of its kind bitcoin ETF will trade on the NASDAQ under the ‘COIN’ symbol.
According to the
Wall Street Journal the filing has divulged some of the concerns shared by the twins when it comes to the risks associated with the up and coming ETF. Among those include government regulation, Bolivia’s recent central bank ban and Switzerland’s latest legislative ruling.
On top of the more regulatory risk factors, the filing has revealed what the twins feel to be the technological factors that could threaten the digital currency’s well-being. This including the much-raved about possibility of a 51% attack in addition to what others have voiced as a concern of what would happen if the core developers suddenly stopped sustaining the bitcoin protocol unless they are compensated.
The question everyone wants to know; however, remains a mystery. Which is when the ETF will launch. While the twins are diligently working to make sure the fund is indeed launched as soon as possible, it will for now remain a mystery as to when the ETF will be up and running, this is in part due to the strict laws surrounding these type of filings.
In a conversation with
CoinDesk, Cameron Winklevoss reiterated that he cannot speak on a launch date but he did provide a brief statement in respect to the now-revealed ticker symbol:
“Identifying the ticker symbol and the exchange are two major events that further demonstrate that we are moving forward as expected.”
The overall vision of the twin’s bitcoin ETF is to make it simple for institutional investors to buy and sell bitcoin without having to endure the risk of owning bitcoin themselves. The ETF aims to make the digital currency easily accessible to investors of any size, while providing a liquid platform that makes it possible for investors to move in an out of their bitcoin positions with ease.
The Winklevoss twins currently own a reported 1% of all bitcoins in circulation, the twins are well known for their ambitious price targets throughout the bitcoin community of which they expect to see a $40,000 coin in the near future.
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One thought on “Winklevii Bitcoin ETF under the ‘COIN’ symbol”
maxchal lengecoinsPosted on 3:18 am - Jul 31, 2014
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