GBTC Bitcoin Investment Trust Observer

[wachtwoord]

For the economically illiterate, what is secondmarket? How can you sell shares in bitcoin? Is it an investment in a mining company?

* SecondMarket is a stock market on which only the wealthy can trade (minimum $1M net worth), and therefore there are less restrictions which are normally in place to "protect" the public

* BIT is an ETF which holds Bitcoin, just like http://finance.yahoo.com/q?s=gld for gold.

[FNG]

and I just took a screenshot of this an quoted you in a different thread.

wtf..I bothered to do the math and everything

[Zangelbert Bingledack]

The imgur chrome extension is great. Right click and the image URL is on your clipboard. It's so easy it's almost second nature!

[jl2012]

About 1200XBT bought on November 26, 2013

[Zangelbert Bingledack]

Might as well mention here that Exante's Bitcoin hedge fund was apparently the best performing hedge fund in history. I remember being so impressed that the Jim Rogers / George Soros Quantum Fund made 4000% return in 10 years. How about 5000% in 10 months?

It looks like the BIT may achieve similar distinction.

[BldSwtTrs]

What is the difference between a Trust and an ETF?

And why Winklevoss brother's  don't make a trust since apparently it's easier to get an approval?

[wachtwoord]

What is the difference between a Trust and an ETF?

And why Winklevoss brother's  don't make a trust since apparently it's easier to get an approval?

This was approved earlier because it's only for accredited (wealthy) investors.

[600watt]

Might as well mention here that Exante's Bitcoin hedge fund was apparently the best performing hedge fund in history. I remember being so impressed that the Jim Rogers / George Soros Quantum Fund made 4000% return in 10 years. How about 5000% in 10 months?

It looks like the BIT may achieve similar distinction.

yeah, all those fund managers will have juicy dreams/nightmares about this "k" at the percentage figure on the top listed fund here  


edit:typo

[CMMPro]

All it really takes is this first one to do well (and it is doing extremely well obviously) and all the other whores fund managers will jump on board with at least some bitcoin in their portfolio.

Wait until many of these investors start bragging about the ROI around the golf course...then the phone calls are made asking why their fund managers don't have something like this..."how can I get a position in these?" etc.

[MoreFun]

Wait until many of these investors start bragging about the ROI around the golf course...then the phone calls are made asking why their fund managers don't have something like this..."how can I get a position in these?" etc.

True! The only question is when. 

[jl2012]

They bought ~2500XBT yesterday. The demand is huge 

[chriswilmer]

How do you know? Back calculating from the NAV ?

[BitchicksHusband]

Yay!  Go Second Market!

[jl2012]

How do you know? Back calculating from the NAV ?

Yes, divide the total value with NAV

[SheHadMANHands]

So, no one can sell yet.  Isn't there at least some fear that people who've bought into the fund will dump when they finally can and it goes "liquid" or whatever (many months from now I guess)?  Of course, the market will anticipate that.. but interesting to think about.

[BitChick]

So, no one can sell yet.  Isn't there at least some fear that people who've bought into the fund will dump when they finally can and it goes "liquid" or whatever (many months from now I guess)?  Of course, the market will anticipate that.. but interesting to think about.

I have already pondered this.  I would think that not everyone would want to sell off at once though.  Perhaps it will take a dip at first, but then I was thinking that there may be some people that are waiting to invest until the point in which the fund is liquid because they do not want their money tied up in something that they cannot get it out of?  Perhaps out of fear of no control?  It is hard to say.

[2_Thumbs_Up]

Where are you getting the total "Net Assets" from. I can only find the NAV on their web site. There is an update btw.

[jl2012]

Where are you getting the total "Net Assets" from. I can only find the NAV on their web site. There is an update btw.

https://www.secondmarket.com/company/bitcoin-investment-trust

About 300-400 coins bought on 29 Nov

[FNG]

Where are you getting the total "Net Assets" from. I can only find the NAV on their web site. There is an update btw.

NAV / price per share

Shares = .1 bitcoin

[2_Thumbs_Up]

Where are you getting the total "Net Assets" from. I can only find the NAV on their web site. There is an update btw.

NAV / price per share

Shares = .1 bitcoin

I was reffering to the total net assets of all their shares, which you need in order to estimate their BTC holdings. But I found it myself. I was looking at the second market web site instead of the BIT web site.