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Author Topic: [2017-02-10]Winklevoss Bitcoin ETF Offering Expands to $100 Million  (Read 309 times)
yanxipig56
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February 10, 2017, 04:50:48 AM
 #1

New documents filed for the bitcoin exchange traded fund (ETF) sought by investors Cameron and Tyler Winklevoss reveal that the size of the offering has grown to $100m.

The years-long effort – delayed more than once by the US Securities and Exchange Commission (SEC) – is aimed at providing a means for investors to gain exposure to bitcoin without actually having to buy the digital currency.

The SEC is expected to make a decision on the Winklevoss Bitcoin ETF later this year, with its self-imposed deadline of 11th March inching closer. Speculation around the approval is such that at least one exchange has moved to offer a prediction market, letting traders bet on the possible outcome.

Documents submitted to the SEC on 8th February show that the planned offering has changed somewhat in scope.

For example, the size of the offering has increased, from $65m to $100m, as well as a boost in the number of shares being offered, from 1m shares to 10m shares. The filing goes on to indicate that the maximum offering price per share has been lowered, from $65 down to just $10.

Notably, the filing also features new language about the prospect of a network split following a software hard fork, or a backwards-incompatible change to bitcoin’s underlying code.

In that circumstance, the filing states, the ETF’s custodian will support the blockchain that has “the greatest cumulative computational difficulty for the forty-eight (48) hour period following a given hard fork”. During that 48-hour period, the creation or redemption of new ETF baskets will be suspended.

The filing goes on to state:

“If the Custodian, in consultation with the Sponsor, is unable to make a conclusive determination about which Bitcoin Network has the greatest cumulative computational difficulty after forty-eight (48) hours, or determines in good faith that this is not a reasonable criterion upon which to make a determination, the Custodian will support the Bitcoin Network which it deems in good faith is most likely to be supported by a greater number of users and miners.”

The new filing also includes other minor updates such as the companies that will act as authorized participants. These firms are Convergex Execution Solutions LLC, KCG Americas LLC and Virtu Financial BD LLC.
http://www.coindesk.com/winklevoss-bitcoin-etf-100-million/
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February 10, 2017, 08:55:01 AM
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Amazing news, but I am afraid that may be not enough to impact SEC decision to finally approve Winklevoss ETF.
At the same time, maybe westerners realize that need some heavy counterweight to battle constant bitcoin bullying of Chinese government.
With that bitcoin exchange traded fund live, reaching $2000 would no longer be a distant dream for us.


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PurpleDog
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March 08, 2017, 06:12:38 PM
 #3

I understand that the decision has moved to march the 13th.

Is there a way to see it live? Or some website that will have an instant update about it?
richardsNY
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March 08, 2017, 10:09:42 PM
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Amazing news, but I am afraid that may be not enough to impact SEC decision to finally approve Winklevoss ETF.
At the same time, maybe westerners realize that need some heavy counterweight to battle constant bitcoin bullying of Chinese government.
With that bitcoin exchange traded fund live, reaching $2000 would no longer be a distant dream for us.

SEC's decision will mostly be pointed at the risk traders are exposed to due to Bitcoin's volatile nature. It's their job after all to make sure traders aren't unnecessarily exposed to extreme risks. But yes, once approved it will have a significant impact on the price, at least in the longer term. $2000 is just a milestone and nothing more. At some point we'll look back at how we didn't buy more coins at these prices. Cheesy
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