Turns out that the Winklevoss ETF is not the only one trying to get approval:
http://blogs.barrons.com/focusonfunds/2017/01/20/another-bid-for-a-bitcoin-etf/The race to launch a bitcoin exchange-traded fund for retail investors became a three-way competition.
According to Paul Vigna at The Wall Street Journal, Grayscale Investments, a firm run by technology entrepreneur Barry Silbert, filed with the SEC to list its Bitcoin Investment Trust (GBTC) on the New York Stock Exchange.
Grayscale joins two other groups seeking approval for their bitcoin ETFs. Winklevoss Capital, the firm operated by Cameron and Tyler Winklevoss, is awaiting an SEC decision on its filing, which is expected by March. SolidX is also seeking SEC approval for its bitcoin ETF, which also would be listed on the NYSE.
As the newspaper reports:
The move by Grayscale Investments, a unit of Mr. Silbert’s Digital Currency Group, could expand the audience for the fledgling virtual currency if the fund is approved by the SEC. It also could prove an early test for how an SEC run by a Donald Trump appointee will greet innovations that may raise investor protection or other market-structure issues.
…The benefits of being first on a major exchange could be big, assuming that bitcoin does manage to establish itself as a viable asset class. The SPDR Gold Shares ETF launched in Nov. 18, 2004, and has $31 billion in assets. The iShares Gold Trust ETF launched on Jan. 21, 2005, and has $7.7 billion in assets. Gold, a commodity not backed by any particular government, appeals to investors for some of the same reasons that bitcoin does.
