Information on 2nd market and Winklevoss ETF

[accord01]

I am curious as to when and if the Winklevoss ETF will be approved.  Also, does 2nd Market bitcoin trust fund simply buys bitcoins as soon as they receive funds or do they pick and choose/ trade?

[BittBurger]

Someone here said minimum of a year after applying, for most ETF's .... so there's a long ... long wait still.

It's barely been a couple months.

[msc]

does 2nd Market bitcoin trust fund simply buys bitcoins as soon as they receive funds or do they pick and choose/ trade?

The Bitcoin Investment Trust (BIT) is a private, open-ended trust that is invested exclusively in bitcoin and derives its value solely from the price of bitcoin.

That means that they may delay their Bitcoin purchases for a little while after receiving cash, and they may hold enough cash to satisfy withdrawals.  But they shouldn't be actively trading Bitcoin, because then the price of the fund wouldn't follow the price of Bitcoin.