Tuesday, July 15, 2014

New Bitcoin ETF Will Be Traded as 'COIN'

Last week Silicon Valley VIP's, The Winklevoss brothers revealed the trading symbol for their new bitcoin ETF (exchange traded fund). The bitcoin mutual fund will be launched under the mark 'COIN'.

The digital currency caught the brothers' eyes more than a year previously when the worth of the coins skyrocketed. They announced plans to buy the highly profitable web-based currency July 1, 2013. Since that news, extra details has been released concerning exactly what the investment approach was turning into. In May, the brothers, announced that they were taking the Winklevoss Bitcoin trust (their Bitcoin ETF) to NASDAQ. They consider the value of Bitcoin can increase by a factor of ten with a legitimate exposure on the exchange. On July 15, 1 Bitcoin cost $621.45, a substantial investment opportunity if what the twins say is correct. This figure has been gradually expanding since the statement of the fund.

'COIN' is still delayed in government regulation and there is no clear or official publicized date for the IPO, despite the fact that many professionals are guessing that (based on government approval) the fund may be trading prior to the end of the year.

It is an interesting period for the digital industry, but perhaps what is most interesting about bitcoin specifically is the way in which it is expanding into the real world.

Read more about this story at the New York Times and at coindesk.

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