The Winklevoss twins, or Winklevii, are big time proponents of bitcoin and even have their own Wilnkevoss Bitcoin Trust. Their proposed exchange traded fund is focused on the cryptocurrency, but won’t be using the Nasdaq according to a new filing with thew Securities and Exchange Commission (SEC).
Instead, they’ll be listing to BATS Global Markets. BATS’ status in ETF is what convinced them to switch, as the operator executed nearly one quarter of all U.S. ETF trading back in May. The twins’ first proposed their trust in 2013 and are still waiting on SEC approval to move forward. Should they get it, they’d have the first SEC-regulated bitcoin-related “investment vehicle,” which would trade with the ticker symbol COIN.
This would be massive news, especially considering the currency has been deemed legal tender by the European Court of Justice and could be used to make payments on Steam. The digital currency has been extremely volatile since its inception in 2009, but the new ETF could ease that uncertainty as it wold signal a maturation of the market and offer investors a new way to participate in the trade. And with others like Barry Silbert (founder and CEO of the Digital Currency Group) actively working on the cryptocurrency market, there’s great hope for the future of digital currency.
The twins plan to use their Gemini Trust Co., another bitcoin-related property, as bitcoin’s trust custodian. The SEC filing shows that Gemini even received a charter trust from the New York State of Financial Services. Oddly enough, bitcoin could become a potential hedge or safe haven, as evidenced by the price shooting up over $100 in the days after the Brexit vote.
The new ETF would be BATS’ first bitcoin-related asset. “We are excited to add the Winklevoss Bitcoin Trust,” said Laura Morrison, head of exchange-traded products at BATS.