Winklevoss Bitcoin ETF Still Moving Through Regulatory Process

[hsz]

Remember the Winklevoss Bitcoin Trust? Arguably the most talked about exchange traded fund that has yet to come to market, twin brothers Cameron and Tyler Winkelvoss filed plans for the Winkelvoss Bitcoin Trust in mid-2013, but the ETF has yet to debut.

Bitcoin enthusiasts looking to display their affinity for the digital currency via the ETF wrapper do not need to fret because the brothers assured investors that the ETF is “alive and well.” The comments were made in an interview with Bloomberg TV’s Erik Schatzker from the Money 2020 conference in Las Vegas.

“We’re still going through the regulatory process. Any ETF is a long process to get approved and, in this particular case, we’re dealing with a very innovative product, which is a digital asset which has not been done before,” Tyler Winklevoss told Schatzker.

Importantly, they noted that there has been nothing to lead them to believe that the regulatory process for the Winklevoss Bitcoin Trust is going any faster or slower than with a more traditional ETF.

The brothers did note that the Winklevoss Bitcoin Trust is being geared along the same lines as physically-backed commodities ETFs such as the SPDR Gold Shares (NYSEArca: GLD) and the iShares Silver Trust (NYSEArca: SLV). Those ETFs give investors exposure to an asset class, in those case gold and silver, without the ability to redeem shares of the trust for direct access to that asset. [Commodity, Currency Debate Swirls Around Bitcoin ETF]

The brothers also told Schatzker that they remain long bitcoin and continue to control about 1% of the market. Bitcoin is a decentralized digital currency based on a peer-to-peer network and can be exchanged through computers internationally without a financial intermediary.

In May, a regulatory filing revealed the Winkelvoss Bitcoin Trust will trade on the Nasdaq. In July, an Form S-1 filing with the Securities and Exchange Commission reveled the ETF, assuming it comes to life, will trade under the ticker “COIN.”

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[Piston Honda]

Interesting update, thanks!

[Chef Ramsay]

Bullish! OP's posting seems to have coincided w/ the recent green candles.

[2dogs]

Remember the Winklevoss Bitcoin Trust? Arguably the most talked about exchange traded fund that has yet to come to market, twin brothers Cameron and Tyler Winkelvoss filed plans for the Winkelvoss Bitcoin Trust in mid-2013, but the ETF has yet to debut.

Bitcoin enthusiasts looking to display their affinity for the digital currency via the ETF wrapper do not need to fret because the brothers assured investors that the ETF is “alive and well.” The comments were made in an interview with Bloomberg TV’s Erik Schatzker from the Money 2020 conference in Las Vegas.

“We’re still going through the regulatory process. Any ETF is a long process to get approved and, in this particular case, we’re dealing with a very innovative product, which is a digital asset which has not been done before,” Tyler Winklevoss told Schatzker.

Importantly, they noted that there has been nothing to lead them to believe that the regulatory process for the Winklevoss Bitcoin Trust is going any faster or slower than with a more traditional ETF.

The brothers did note that the Winklevoss Bitcoin Trust is being geared along the same lines as physically-backed commodities ETFs such as the SPDR Gold Shares (NYSEArca: GLD) and the iShares Silver Trust (NYSEArca: SLV). Those ETFs give investors exposure to an asset class, in those case gold and silver, without the ability to redeem shares of the trust for direct access to that asset. [Commodity, Currency Debate Swirls Around Bitcoin ETF]

The brothers also told Schatzker that they remain long bitcoin and continue to control about 1% of the market. Bitcoin is a decentralized digital currency based on a peer-to-peer network and can be exchanged through computers internationally without a financial intermediary.

In May, a regulatory filing revealed the Winkelvoss Bitcoin Trust will trade on the Nasdaq. In July, an Form S-1 filing with the Securities and Exchange Commission reveled the ETF, assuming it comes to life, will trade under the ticker “COIN.”

Do you have a source for this info?
TIA

[LiteCoinGuy]

http://www.bloomberg.com/video/winklevoss-twins-bitcoin-trust-is-alive-and-well-SracRWQuQ~GqLdGsFEU84w.html

[LiteCoinGuy]

http://www.cambio.com/videos/cambio-on-aol/winklevoss-twins-launch-ipo-for-bitcoin-tracking-stock--517841812/

[LFC_Bitcoin]

Dumb question but what effect would this have on the price?

Presumably positive but just how positive?

[jdany]

Watching people, who have no clue about bitcoin, and try to debate it,  is so frustrating.
For financial people to be so ignorant is embarrassing.

[painlord2k]

Dumb question but what effect would this have on the price?

Presumably positive but just how positive?

It would be a direct connection to Wall Street financial sector.
It would be like SLV and GLD ETF for Bitcoin.

[thew3apon]

Dumb question but what effect would this have on the price?

Presumably positive but just how positive?

Once the ETF starts trading it will likely be a huge positive for the price as it will allow for many more people to invest in bitcoin in a safer way then owning them outright (as you need to be somewhat tech savvy to be able to protect your bitcoin from theft)

[jabo38]

Watching people, who have no clue about bitcoin, and try to debate it,  is so frustrating.
For financial people to be so ignorant is embarrassing.

Please help us out then. What are your thoughts?

[Chef Ramsay]

Dumb question but what effect would this have on the price?

Presumably positive but just how positive?

Once the ETF starts trading it will likely be a huge positive for the price as it will allow for many more people to invest in bitcoin in a safer way then owning them outright (as you need to be somewhat tech savvy to be able to protect your bitcoin from theft)

Not just more people to invest in it but more people w/ serious amounts of money creating demand for it. Once it gets moving I'm sure different brokerage houses will advise clients to put a small portion of their holdings in COIN and forget about it if investment funds start scooping up coins w/ even small %s of their large asset holdings leading to billions pouring in. This could create the boost that sets main street on fire - panic buying. At that point, forget the moon as we be going to Mars.

[Sindelar1938]

I don't care for the Winklevii but the launch of their ETF could help stabilise prices for a while
Go ETF go

[galdur]

Thanks for the update.

Good luck, g

[Divinespark]

Looking forward to the launch actually
I have tons of relatives in the US and have talked some of them into looking at this when it launches. game on.

[LFC_Bitcoin]

When can we expect this to be approved, roughly?

[deepestfear]

We are 15 months into the SEC looking at it. It has taken a long time, wondering if there is more to this than meets the eye.

[bluemountain]

Dumb question but what effect would this have on the price?

Presumably positive but just how positive?

Once the ETF starts trading it will likely be a huge positive for the price as it will allow for many more people to invest in bitcoin in a safer way then owning them outright (as you need to be somewhat tech savvy to be able to protect your bitcoin from theft)

Not just more people to invest in it but more people w/ serious amounts of money creating demand for it. Once it gets moving I'm sure different brokerage houses will advise clients to put a small portion of their holdings in COIN and forget about it if investment funds start scooping up coins w/ even small %s of their large asset holdings leading to billions pouring in. This could create the boost that sets main street on fire - panic buying. At that point, forget the moon as we be going to Mars.

I would say that if people/funds wanted to buy bitcoin they already can via second market.

Bitcoin is also understood to be extremely risky so I think that few advisers would tell their clients to invest in bitcoin unless they have a very high tolerance for risk

[jdany]

Watching people, who have no clue about bitcoin, and try to debate it,  is so frustrating.
For financial people to be so ignorant is embarrassing.

Please help us out then. What are your thoughts?

I expect financial people to weigh bitcoin against other similar investment/value vehicles.
But, mostly they fumble around and talk about bitcoin with no clue.
I just don't think the financial world will be prepared for new methods, like bitcoin, until it slaps them in the face.

My thoughts?  The current systems are antiquated and wrought with fraud because of a total inability.
Still playing around with fucking analog in a fucking digital world.

[beetcoin]

if it goes faster than a typical ETf regulatory process, we'll know that whoever is in charge of approving it was buttered up.