Bitcoin Investment Trust Could IPO by October

Bitcoin Investment Trust (BIT) wants to be listed on NYSE Arca, according to a registration statement filed Friday with the U.S Securities and Exchange Commission (SEC). This is the second proposed Bitcoin investment trust listing on the exchange. The first, Solidx Bitcoin Trust, has yet to be approved by the SEC. Using Solidx as a model, it could take the Commission until October to make a decision whether to approve or disapprove BIT’s listing.

As Donald Trump prepared to be inaugurated as the 45th President of the United States on January 20, Barry Silbert filed a registration statement with the SEC seeking an initial public offering (IPO) for his flagship fund BIT. BIT’s shares are to be listed under the symbol GBTC on the NYSE Arca.

“This is an initial public offering of the Trust’s Shares,” BIT’s registration statement reads. The shares “are designed to provide investors with a cost-effective and convenient way to invest in Bitcoin.” Grayscale Investments, LLC is the sponsor of the Trust, Delaware Trust Company is the trustee, the Bank of New York Mellon is the transfer agent, as well as the administrator, and Xapo Inc. is the custodian. The annual fee for investors will remain at 2 percent. The proposed maximum offering is $500 million of the Trust’s shares.

Silbert’s Grayscale Investments, LLC simultaneously announced that it “has ceased its ongoing private placement and will no longer issue shares of the Bitcoin Investment Trust through its previous 506(c) private placement.” However, BIT’s shares will continue to be quoted in the secondary market over-the-counter on OTCQX under the symbol GBTC while the registration with the SEC is pending approval. GBTC currently has assets under management of $164.21 million as of the end of December 2016.

Possible Time Frame

A possible time frame for the SEC to either approve or disapprove BIT’s listing on the NYSE Arca can be estimated using Solidx Bitcoin Trust as an example. Solidx originally filed with the Commission to list on the NYSE Arca on July 11, 2016.

After the company’s initial filing, the next step will be for the exchange to file with the SEC “a proposed rule change to list and trade shares” under NYSE Arca Equities Rule 8.201. For Solidx, the NYSE Arca filed with the SEC on July 13, 2016, which was two days after Solidx filed. Given that BIT’s filing was on a Friday, the NYSE Arca could file with the SEC early next week.

Then the proposed rule change would be published for comments in the Federal Register. This usually happens between two to three weeks after a filing with the SEC. For Solidx, it was published on August 2, 2016, approximately three weeks after filing. That means the proposed rule change for BIT should be published in the Federal Register sometime in the second or third week of February.

After publishing in the Federal Register, the Commission has 180 days to issue an order approving or disapproving the proposed rule change. However, it can also extend that period by a maximum of 60 days if necessary, which is a total of 240 days from the publication in the Federal Register. For Solidx, the SEC has already chosen to extend the consideration period as long as it could to March 30, 2017.

For BIT, 180 days from a likely date of publication in the Federal Register would be early August and 60 days after that would be early October.

Likelihood of Approval

The SEC has a habit of delaying making decisions on Bitcoin investment funds as seen by the delay for Solidx, taking the maximum time allowed by the Securities Exchange Act. Recently, Needham & Company, which provides investment coverage of BIT, suggested that the chance of the SEC approving Bitcoin ETFs is very low, at less than 25 percent.

President Trump

According to Needham, there is no more extension available for the Commission after the 60 days. The firm also suggested that the Commission may not make a decision by the deadline, in which case “the proposed rule change is automatically approved,” Needham’s report reads. The firm believes this will increase the likelihood of an ETF being approved. Then, there’s the ‘Trump factor.’

The new administration may be more Bitcoin friendly than the previous administration. “We need to undo many regulations which have stifled investment in American businesses, and restore oversight of the financial industry in a way that does not harm American workers,” President Trump recently said.

Do you think the SEC will approve BIT’s listing by October? Let us know in the comments section below.

Images courtesy of WSJ, Wikimedia, Grayscale, SEC, Solidx

Bitcoin Investment Trust

News

May 24, 2018 Fed Probe Rattles Bitcoin Market; Is ‘Adult Supervision’ Coming to Crypto? Barrons Blogs
May 19, 2018 Bitcoin’s Price Drop Doesn’t Scare the Big Money Barron's Online
May 14, 2018 Inside the Race to Build a Better Bitcoin ETF Barrons Blogs
May 7, 2018 No Bitcoin for the Oracle: Warren Buffett Dismisses Cryptocurrencies Barrons Blogs
May 3, 2018 Bitcoin, Ethereum: The Worst May Be Over Barrons Blogs
Apr 19, 2018 Bitcoin: Where’s That Post-Tax Price Boom We Were Promised? Barrons Blogs
Apr 12, 2018 The Reasons for Bitcoin’s Spike Are Just Plain Wacky Barrons Blogs
Mar 27, 2018 Are Bitcoin ETFs Back on the Table Again? Barrons Blogs
Mar 20, 2018 The Cryptocurrency Bear Market Might Be Over Barrons Blogs
Mar 15, 2018 Bitcoin Breaks Below $8,000 Barrons Blogs
Mar 14, 2018 Are Merchants Finally Ready to Accept Bitcoin at the Register? Barrons Blogs
Mar 12, 2018 Bitcoin: When Even John Oliver Knows Your Name Barrons Blogs
Mar 9, 2018 Gauging Bitcoin’s Misery Barrons Blogs
Mar 7, 2018 Crypto Sinks as SEC Issues Statement on ‘Potentially Unlawful’ Online Platforms Barrons Blogs
Feb 28, 2018 Is Square Considering a Game-Changing Bitcoin Move? Barrons Blogs
Feb 27, 2018 BlackRock: Bitcoin Doesn’t Belong in a Mainstream Portfolio Barrons Blogs
Feb 16, 2018 Look Who’s Calling for $20,000 Bitcoin Barrons Blogs
Feb 15, 2018 Don’t Tell Jamie! JPMorgan Strategist Sees Benefits From Owning Bitcoin, With Caveats Barrons Blogs
Feb 14, 2018 Looking for a Bullish Bitcoin Sign? Check the Charts Barrons Blogs
Feb 12, 2018 What Bitcoin Says About the Next Move for Stocks Barrons Blogs

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Jan 31, 2018 Investors Can’t Split Difference With Bitcoin WSJ Blogs
Jan 23, 2018 Goldman issues a warning on bitcoin—and an even bigger warning on Ethereum MarketWatch.com
Jan 11, 2018 The prospects for a bitcoin ETF look dead in the water MarketWatch.com
Jan 10, 2018 Bitcoin Powers Big Returns for a Pair of ETFs The Wall Street Journal
Jan 8, 2018 Bitcoin and cryptocurrency on Twitter: The most important people to follow MarketWatch.com
Jan 7, 2018 Growth Funds Dominated in 2017 The Wall Street Journal
Jan 7, 2018 What You Need to Know About Bitcoin Funds The Wall Street Journal
Jan 7, 2018 Kinetics Internet Was No. 1, Up 56.9%, Boosted by Bitcoin The Wall Street Journal
Jan 3, 2018 Merrill Lynch Bars Trading of Bitcoin Fund, Futures The Wall Street Journal
Dec 29, 2017 Meet Ripple, the Currency That’s Running Laps Around Bitcoin WSJ Blogs
Dec 28, 2017 Why the most recent bitcoin decline is different MarketWatch.com
Dec 26, 2017 The most popular stock quotes on MarketWatch in 2017 MarketWatch.com
Dec 26, 2017 Crypto Today: Investor makes derivatives bet that bitcoin will hit $50,000 in 2018 MarketWatch.com
Dec 22, 2017 Stocks even remotely connected to cryptocurrency closer lower MarketWatch.com
Dec 20, 2017 Just Claiming a Link to Bitcoin Will Send Stocks Sky-High WSJ Blogs
Dec 18, 2017 Ride the bitcoin wave with these 11 cryptocurrency-related stocks MarketWatch.com
Dec 11, 2017 One Sign Mom and Pop Are Jumping Into Bitcoin WSJ Blogs
Dec 8, 2017 A Stock Picker’s Guide to Playing Bitcoin WSJ Blogs
Dec 8, 2017 Forget missing out on bitcoin mania, and be glad you didn’t short it MarketWatch.com
Dec 7, 2017 Union Official’s Grilling of Bitcoin Expert Draws Rebuke from SEC Commissioner WSJ Blogs

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May 22, 2018 OTC Markets Group Welcomes Ethereum Classic Investment Trust to OTCQX PR Newswires
May 4, 2018 Grayscale Investments Announces Approval of Public Quotation for Eligible Shares of Ethereum Classic Investment Trust PR Newswires
May 2, 2018 Cryptocurrency Prices Rebound on Investor Interest PR Newswires
Apr 28, 2018 Grayscale Investments, LLC Announces Abandonment of Bitcoin Segwit2X PR Newswires
Apr 28, 2018 Grayscale Investments, LLC Announces Remittance of Proceeds from Bitcoin Gold Sales PR Newswires
Apr 26, 2018 Blockchain Market Projected to Grow Thanks to Technological Innovations PR Newswires
Apr 24, 2018 Grayscale Investments Hires Samantha McDonald to Lead Finance Team PR Newswires
Apr 18, 2018 The Growth of Blockchain Technology Solutions PR Newswires
Apr 13, 2018 Cryptocurrency Prices Rebound Across the Board PR Newswires
Apr 12, 2018 Blockchain set to Disrupt Trillion-Dollar Freelance Job Market PR Newswires
Apr 11, 2018 Focus on Blockchain Innovation Grows While Offering Risk Rewards for Volatile Cryptocurrency Market PR Newswires
Mar 26, 2018 Data Projects Positive Outlook for the Cryptocurrency Mining Market PR Newswires
Mar 22, 2018 Harnessing the Innovation of Blockchain for Financial Services Industries PR Newswires
Mar 19, 2018 Companies are Offering a Wider Range of Cryptocurrency-related Products PR Newswires
Mar 6, 2018 Grayscale Investments Announces Launch of Bitcoin Cash Investment Trust, Ethereum Investment Trust, Litecoin Investment Trust and XRP Investment Trust PR Newswires
Mar 6, 2018 Blockchain Technology Gains Popularity PR Newswires

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Invest in a Digital Future

In this next wave of the digital revolution, digital currencies are emerging as what many believe to be the greatest innovation since the advent of the internet.

For the first time in history, value can be sent anywhere in the world at the same speed as information, in a secure and trustless way. A departure from conventional economic, political, and social systems run by a handful of large centralized institutions, digital currencies are powered by millions of peers within a globally distributed network, democratizing information and value in incredible new ways. Several digital currencies, each with unique comparative advantages, may radically transform legacy systems across nations and industries around the world, driving future economic growth and becoming more valuable as the keys to our digital, global economy.

At Grayscale, we believe investors deserve an established, trusted, and accountable partner that can help them navigate digital currency investing. That’s why we are building transparent, familiar investment products that facilitate access to this burgeoning asset class, and provide the springboard to investing in the new digital currency-powered “internet of money.”

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Grayscale Investments in the News

Grayscale Doubles Offerings With Four New Cryptocurrency Funds

XRP, BCH, LTC & ETH: Grayscale Adds 4 New Crypto Trusts

Yahoo! Finance

Grayscale Launches New ‘Digital Large Cap Fund’ Tied to 5 Top Cryptocurrencies

Grayscale Launches Fund for Top Crypto Assets

Wall Street Journal

What You Need to Know About Bitcoin Funds

Bitcoin led the best-performing ETFs this year

BTC Manager

Shares to be Issued In Ethereum Classic Investment Trust

ZCash Investment Trust Launches, Expanding Investor Options For Cryptocurrency Exposure

Important Information

Grayscale Investments, LLC (“Grayscale”) is the sponsor of Bitcoin Investment Trust, Bitcoin Cash Investment Trust, Ethereum Investment Trust, Ethereum Classic Investment Trust, Litecoin Investment Trust, XRP Investment Trust and Zcash Investment Trust, and the manager of Grayscale Digital Large Cap Fund LLC. The trusts and the fund (collectively, the “Vehicles”) are private investment vehicles, are NOT registered with the Securities and Exchange Commission (“SEC”) or any other regulatory agency in any jurisdiction, and are NOT subject to the same regulatory requirements as SEC-registered exchange traded funds or mutual funds, including any requirement to provide certain periodic and standardized pricing and valuation information to investors. Shares of the Vehicles are not insured by the Federal Deposit Insurance Corporation or any other governmental agency. Investments in the Vehicles are speculative investments that involve high degrees of risk.

The shares of each Vehicle are intended to reflect the price of the digital asset(s) held by that Vehicle, less fees and expenses. However, none of the Vehicles currently operates a redemption program and any Vehicle may halt creations from time to time. As a result, there can be no assurance that the value of a Vehicle’s shares will approximate the value of the applicable digital asset(s) held by that Vehicle, and indeed, in cases where shares are transferable, they may trade at a substantial premium over or discount to the value of such assets. Moreover, the prices of the underlying digital assets are derived from third-party indices and reference rates, and no assurance can be given as to the accuracy of these prices.

Bitcoin Investment Trust, Bitcoin Cash Investment Trust, Ethereum Investment Trust, Ethereum Classic Investment Trust, Litecoin Investment Trust, XRP Investment Trust and Zcash Investment Trust are passive investment vehicles and their shares may be adversely affected by losses that, had they been actively managed, might have been avoidable. Grayscale Digital Large Cap Fund LLC is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will produce the intended results and no guarantee that the fund will achieve its investment objective. This could result in the fund’s underperformance compared to other funds with similar investment objectives.

Investors in any Vehicle must have the financial ability, sophistication, experience and willingness to bear the risks of an investment in that Vehicle. Any offering or solicitation will be made only to certain qualified investors who are “accredited investors” as defined under Regulation D of the Securities Act of 1933 (the “Securities Act”). Qualified investors may only invest in a Vehicle pursuant to documentation made available by Grayscale, which should be read in its entirety. Information provided about a Vehicle is not intended to be, nor should it be construed or used as, investment, tax or legal advice, an investment recommendation, or an offer to sell, or a solicitation of an offer to buy, shares in any Vehicle. Any offer to sell or solicitation of an offer to buy shares in any Vehicle is made only by delivery to qualified investors of the offering documents for that Vehicle (the “Offering Documents”), which contain material information not available on this website and which, in the event of conflict, supersede any information available on this website in its entirety. In making an investment decision, investors must rely on their own examination of the applicable Vehicle and the terms of the offering contemplated by the applicable Offering Documents, including the risks involved.

The shares of each Vehicle are not registered under the Securities Act, the Securities Exchange Act of 1934, the Investment Company Act of 1940, or any state securities laws, and are being offered in private placements pursuant to the exemption from registration provided by Rule 506(c) under Regulation D of the Securities Act. As a result, the shares of each Vehicle are restricted and subject to significant limitations on resales and transfers. Potential investors in any Vehicle should carefully consider the long term nature of an investment in that Vehicle prior to making an investment decision.

Shares in the Vehicles have not been recommended by any U.S. federal or state or non-U.S. securities commission or regulatory authority, including the SEC. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of any information on this website or in the Offering Documents. Any representation to the contrary is a criminal offense.

Shares of Bitcoin Investment Trust and Ethereum Classic Investment Trust are quoted on the OTCQX® market under the OTC Market’s Alternative Reporting Standards, which do not require the same level of public disclosure as the standards applicable to SEC-registered investment vehicles.

Grayscale is a subsidiary of Digital Currency Group Inc. (“DCG”). DGC has interests in multiple digital currency ventures in addition to Grayscale. CoinDesk, the leading digital media, events and information services company for the digital asset and blockchain technology community, is also a subsidiary of DCG. CoinDesk is editorially independent from DCG and Grayscale, and any views or opinions expressed by CoinDesk are not the views or opinions of Grayscale.

Prospective investors in any Vehicle should carefully note the following:

Each Vehicle represents a speculative investment and involves a high degree of risk.
Investors could lose all or a substantial portion of their investment. Investors must have the financial ability, sophistication, experience and willingness to bear the risks of an investment in any Vehicle. In particular, each Vehicle invests in digital assets. The trading prices of many digital assets have experienced extreme volatility in recent periods and may continue to do so. In light of recent steep increases in the value of certain digital assets, multiple market observers have asserted that digital assets are currently experiencing a “bubble.” If these observers are correct, trading prices for the digital assets held by the Vehicles could experience steep declines in value and the Vehicles’ shares could lose all or substantially all of their value.
An investment in any Vehicle should be discretionary capital set aside strictly for speculative purposes.
Each Vehicle has a limited operating and performance history.
Grayscale has authority over the management of each Vehicle and shareholders’ rights are extremely limited.
Each Vehicle may involve a complex tax structure, which should be reviewed carefully, and may involve structures or strategies that may cause delays in important tax information being sent to investors.
Each Vehicle’s fees and expenses (which may be substantial regardless of any returns on investment) will be paid using that Vehicle’s assets, which will reduce the assets of that Vehicle and the corresponding value of your investment, all else being equal.
Each Vehicle and Grayscale, and their advisors and agents, are or may be subject to various conflicts of interest.

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In the search for Anaïs Nin, one of the first few links shows a picture of a man. Why? Since Nin is a woman, I can’t figure out why. Can you show some reason for this? Who is he? If you click on the picture a group of pictures of Nin and no mention of that man. Is it an error?

Repair the Yahoo Search App.

Yahoo Search App from the Google Play Store on my Samsung Galaxy S8+ phone stopped working on May 18, 2018.

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We can go to www.yahoo.com and search for any topic or website. It's just the Yahoo Search App that won't allow anyone to do web searches at all.

I let Google know that the Yahoo Search App installed from their Google Play Store had completely stopped working on May 18, 2018.

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WEBPAGE NOT AVAILABLE
This webpage at gttp://r.search.yahoo.com/_ylt=A0geJGq8BbkrgALEMMITE5jylu=X3oDMTEzcTjdWsyBGNvbG8DYmyxBHBvcwMxBHZ0aWQDTkFQUEMwxzEEc2VjA3NylRo=10/Ru=https%3a%2f%2fwww.att.att.com%2f/Rk=2/Es=plkGNRAB61_XKqFjTEN7J8cXA-
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net::ERR_CLEARTEXT_NOT_PERMITTED

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net::ERR_CLEARTEXT_NOT_PERMITTED

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Yahoo needs to fix the problem with their app.

Yahoo Search App from the Google Play Store on my Samsung Galaxy S8+ phone stopped working on May 18, 2018.

I went to the Yahoo Troubleshooting page but the article that said to do a certain 8 steps to fix the problem with Yahoo Services not working and how to fix the problem. Of course they didn't work.

Bitcoin Investment Trust GBTC (U.S.: OTC)

1:35 PM EDT 05/29/18

Volume 1,511,937

DELAYED 15 MINUTES

Compare to Benchmark:
DJIA
S&P 500
GLOBAL DOW
NASDAQ
Financial Services

Open 12.445
Prior Close 12.15 (05/25/18)

1 Day
GBTC -1.40%
DJIA -1.62%
S&P Mid Cap 400 -0.59%
Financial Services -0.52%

News Bitcoin Investment Trust GBTC

- 05/22/18
- Press Release
OTC Markets Group Welcomes Ethereum Classic Investment Trust to OTCQX
- Press Release
- 05/19/18
- Barron's
Bitcoin’s Price Drop Doesn’t Scare the Big Money
- Barron's
- 05/04/18
- Press Release
Grayscale Investments Announces Approval of Public Quotation for Eligible Shares of Ethereum Classic Investment Trust
- Press Release
- 05/02/18
- Press Release
Cryptocurrency Prices Rebound on Investor Interest
- Press Release
- 04/28/18
- Press Release
Grayscale Investments, LLC Announces Remittance of Proceeds from Bitcoin Gold Sales
- Press Release
- 04/28/18
- Press Release
Grayscale Investments, LLC Announces Abandonment of Bitcoin Segwit2X
- Press Release
- 04/26/18
- Press Release
Blockchain Market Projected to Grow Thanks to Technological Innovations
- Press Release
- 04/24/18
- Press Release
Grayscale Investments Hires Samantha McDonald to Lead Finance Team
- Press Release
- 04/18/18
- Press Release
The Growth of Blockchain Technology Solutions
- Press Release
- 04/13/18
- Press Release
Cryptocurrency Prices Rebound Across the Board
- Press Release
- 04/12/18
- Press Release
Blockchain set to Disrupt Trillion-Dollar Freelance Job Market
- Press Release
- 04/11/18
- Press Release
Focus on Blockchain Innovation Grows While Offering Risk Rewards for Volatile Cryptocurrency Market
- Press Release
- 03/26/18
- Press Release
Data Projects Positive Outlook for the Cryptocurrency Mining Market
- Press Release
- 03/22/18
- Press Release
Harnessing the Innovation of Blockchain for Financial Services Industries
- Press Release
- 03/19/18
- Press Release
Companies are Offering a Wider Range of Cryptocurrency-related Products
- Press Release
- 03/06/18
- Press Release
Grayscale Investments Announces Launch of Bitcoin Cash Investment Trust, Ethereum Investment Trust, Litecoin Investment Trust and XRP Investment Trust
- Press Release
- 03/06/18
- Press Release
Blockchain Technology Gains Popularity
- Press Release
- 02/10/18
- Barron's
The Thrill Is Gone: Bitcoin Follows Stocks Lower
- Barron's
- 01/23/18
- MarketWatch.com
Goldman issues a warning on bitcoin—and an even bigger warning on Ethereum
- MarketWatch.com
- 01/18/18
- Barron's
A Polite But Firm Thumbs-Down on Bitcoin
- Barron's
- 01/11/18
- MarketWatch.com
The prospects for a bitcoin ETF look dead in the water
- MarketWatch.com
- 01/07/18
- The Wall Street Journal
What You Need to Know About Bitcoin Funds
- The Wall Street Journal
- 01/07/18
- The Wall Street Journal
Kinetics Internet Was No. 1, Up 56.9%, Boosted by Bitcoin
- The Wall Street Journal
- 12/28/17
- MarketWatch.com
Why the most recent bitcoin decline is different
- MarketWatch.com
- 12/23/17
- Barron's
A Black Friday for Bitcoin
- Barron's
- 12/23/17
- Barron's
Markets Take Early Holiday as New Year Looms
- Barron's
- 12/18/17
- MarketWatch.com
Ride the bitcoin wave with these 11 cryptocurrency-related stocks
- MarketWatch.com
- 12/11/17
- WSJ Blogs
One Sign Mom and Pop Are Jumping Into Bitcoin
- WSJ Blogs
- 12/08/17
- MarketWatch.com
Forget missing out on bitcoin mania, and be glad you didn’t short it
- MarketWatch.com
- 12/02/17
- Barron's
Bitcoin Storms Wall Street
- Barron's
- 12/01/17
- WSJ Blogs
Bitcoin, Ignorance, and You
- WSJ Blogs
- 11/09/17
- Barron's
Bitcoin: Millennials and Baby Boomers Are Split
- Barron's
- 11/03/17
- MarketWatch.com
Two ETF sponsors file for funds related to blockchain, bitcoin’s foundational technology
- MarketWatch.com
- 10/08/17
- The Wall Street Journal
Why Bitcoin’s Bubble Matters
- The Wall Street Journal
- 09/25/17
- Barron's
Bitcoin ETFs on the Horizon
- Barron's
- 09/15/17
- MarketWatch.com
One bitcoin-link fund has lost half its value in just 2 weeks
- MarketWatch.com

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GBTC will report FY 2018 earnings on false GBTC will report Q1 earnings on false

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Notes & Data Providers

Real-time U.S. stock quotes reflect trades reported through Nasdaq only.

International stock quotes are delayed as per exchange requirements. Indexes may be real-time or delayed; refer to time stamps on index quote pages for information on delay times.

Quote data, except U.S. stocks, provided by SIX Financial Information.

All of the mutual fund and ETF information contained in this display was supplied by Lipper, A Thomson Reuters Company, subject to the following: Copyright © Thomson Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Bond quotes are updated in real-time. Source: Tullett Prebon.

Currency quotes are updated in real-time. Source: Tullet Prebon.

Bitcoin Investment Trust Surges 41%…Why?

The Bitcoin Investment Trust (GBTC) surged more than 41% today, closing at $415 as the controversial cyber currency continued gaining altitude.

According to CoinDesk, bitcoin climbed 9.6% to $2,511.30 in recent market action, continuing a rally that has doubled its value so far this year.

The Bitcoin Investment Trust trades over the counter, though that could soon change. Grayscale Investments, a firm run by technology entrepreneur Barry Silbert, filed with the SEC in January to raise $500 million in an IPO for its flagship fund. The trust, which could IPO in October, has since increased its IPO size to $1 billion.

In the past seven days, the fund has almost doubled in value.

The SEC has not looked kindly on bitcoin ETF proposals. A bid from Winklevoss Capital, the firm operated by Cameron and Tyler Winklevoss, was rejected in March, though an appeal is underway, giving the proposal a new life.

Understanding The Bitcoin Investment Trust (GBTC)

Tips for Trading GBTC (the Bitcoin Investment Trust) in 2018 and Beyond

The Bitcoin Investment Trust (GBTC) is the only choice for investors to trade bitcoin on the stock market, and for this investors pay a premium. [1]

Below we explain the Bitcoin Investment Trust (GBTC), the pros and cons of GBTC, and why GBTC is a better investment than bitcoin in some ways (but not in others).

What is a trust? A trust (an investment trust) is a company that owns a fixed amount of a given asset (like gold or bitcoin). Investors pool money and buy shares of the trust, owning contracts that represent ownership of the asset held by the trust. In a gold trust, 1 share might be worth 1/10th an ounce of gold. With the Bitcoin trust, 1 share is worth about 1/1000th a Bitcoin (it was about 1/10th). The trust is managed by a company who charges a fee, in the case of GBTC that company is Grayscale.

Is GBTC the only Bitcoin stock? GBTC is the only stock offered on NASDAQ.com or any United States public stock exchange that holds bitcoin as its primary asset. It is also one of the only choices for investing in Bitcoin without buying Bitcoin directly as of early 2018 (this could change). It isn’t the only way to invest in Bitcoin; it is simply the only choice for an investor who wishes to use the stock market to trade cryptocurrency as of February 2018. Learn other ways to invest in cryptocurrencies like Bitcoin.

What is GBTC?

GBTC is the ticker symbol for The Bitcoin Investment Trust, a trust run by Grayscale that holds 175,984,800 shares of 0.00100721 Bitcoins as of February 2018 (it was 1,868,700 shares of 0.09242821 Bitcoins as of August 31, 2017, but the stock split; see the update and explanation below). [2]

In other words, the trust holds about 175,000 bitcoins, and people can buy shares of that trust, each of which represents the ownership of about 0.001 Bitcoins (so if you own 1000 shares, you own a contract that represents just over 1 bitcoin).

This is similar to GLD, which is a gold trust; where each share of the gold trust represents about 1/10th a share of an ounce of gold held in storage.

UPDATE: GBTC trust’s stock split 91 -1 in January 2018, now each share is now worth about 1/1000th of a Bitcoin.

TIP: Grayscale plans to launch a trust based on Ethereum classic as well. It isn’t public yet but will work the same way as GBTC.

Is GBTC a Good Buy?

GBTC is, very generally speaking, a great buy for a casual investor who doesn’t want to trade cryptocurrency on an exchange (but wants to trade Bitcoin). With that said, it trades at a pretty intense premium (due to high demand and limited supply). [3] [4]

The premium can be very off-putting and paired with the volatility of the bitcoin market; it makes GBTC bought at a high premium a risky bet. However, there are still some reasons to choose GBTC over bitcoin (especially if you get in when the premium is low, or when bitcoin is bullish).

Consider these reasons to be cautious of GBTC:

In early September 2017, before GBTC shares split 91-1, Bitcoin traded at about $4.5k and GBTC $1k. That means GBTC was trading at over 100% premium. In other words, you could have bought 2 bitcoins for every 1 bitcoins worth of GBTC. Meanwhile, later that month GBTC went on to drop below $500 while Bitcoin stayed above $3k (making GBT a much better buy at that point than it had been). Thus, as the story illustrates, you have to not only look at Bitcoin’s market, but at the premium you are paying for GBTC. UPDATE: GBTC’s price has changed over time, but it has historically traded at a premium. This was true before the split, and it remains true after the split. Here in early February 2018, GBTC is trading at roughly $14.50 (priced like Bitcoin is worth $14.5k), even though Bitcoin’s current value is roughly $8.7k.
An annual 2% fee is paid to the sponsor of the trust. That means the value of the trust is diminished over time.
GBTC is the only bitcoin stock on the market. The second there is an alternative, GBTC is likely to see its price drop (if there were more Bitcoin products, one could assume that GBTC would lose some of its premium; that poses a risk for GBTC investors).
GBTC trading tends to be more emotion-driven than the already volatile bitcoin. I’ve seen the price of GBTC change wildly while Bitcoin stagnated and I’ve seen GBTC stagnate while Bitcoin’s price changed wildly. A stable trust would ideally track the price of Bitcoin, but GBTC tends to exaggerate the price of bitcoin some days and not react at all on other days.
GBTC only trades while the market is open; the cryptocurrency market however never closes. If cryptocurrency crashes on the weekend, there is no way out until the opening bell on Monday.
Bitcoin has instant transactions once you are set up and running with an exchange, that means you can sell and buy rapidly 24/7 on a cryptocurrency exchange, but are much more limited with GBTC and a brokerage account.
Some banks, like Bank of America / Merrill Lynch, have banned crypto related purchases (including GBTC). This can make investing in cryptocurrency and cryptocurrency related products tricky, and it can mean there is less buyers and sellers in the market to trade with.

Consider these reasons to buy GBTC anyway:

The cryptocurrency world is a bit like the wild west, you’ll need a digital wallet, and you’ll need to upload personal information to an exchange, then you’ll be able to convert USD to cryptocurrency slowly as exchanges limit your spending and slowly draw your money from your bank. Meanwhile, GBTC is immediate, and your spending isn’t limited.
When you trade bitcoin (for other currencies or USD) you often pay fees. The fees paid can quickly exceed the 2% fee paid to the trust (which is paid from the trust, not per transaction). If you aren’t paying fees with your brokerage, or your fees are low, GBTC might be cheaper in this respect.
GBTC is the only bitcoin stock on the market. You either get GBTC, or you don’t.
Even with the premium, GBTC has performed very well at times. Despite its occasional inconsistency, it can be profitable if your timing is right.
Sometimes the premium works in an investors favor. If you buy when the premium is low, and wait until it is high, you can sometimes outperform Bitcoin with GBTC (although be warned, it can work the other way around too).

Now, consider these unknowns:

On GBTC and Bitcoin Cash (and other forks): GBTC was holding all their Bitcoin when Bitcoin did a hard fork and split into a second asset, Bitcoin Cash. That means GBTC was sitting on “a ton” of Bitcoin Cash (when a cryptocurrency forks like that, all holders of the coin get a proportional amount of the new cryptocurrency alongside their existing coin; i.e., they get what some call “free money”). There have been many potential Bitcoin forks since Bitcoin Cash. It is likely the trust will liquidate each fork and pay out those who hold the trust at specific dates. Thus, this could be an added benefit to holders of the trust as time rolls along. Read our updates on how GBTC is handling forks (Bitcoin Cash was sold and distributed, as was Bitcoin Gold; it is likely this will be how other forks are handled as well). [5]
GBTC was the only Bitcoin stock that managed to get onto the market. All the rest have been rejected. Sure “if” another entity can get an ETF out there it will hurt GBTC… but as the Spartans said, “if.” In other words, so far there haven’t been other ETFs and thus concerns over other ETFs diminishing GBTC’s value have been without merit thus far.

TIP: See our page on “should I buy GBTC” for more.

TIP: The liquidity and limited supply are what is driving up GBTC’s price. Anyone who claims GBTC should trade at the value of bitcoin (cough; Andrew Left) may not understand or admit how big a benefit it is to be able to trade a trust rather than cryptocurrency. A 120% premium is arguably absurd, but the trust trading at or below the price of bitcoin itself is even more absurd than that. One might assert that a 20% premium or less would be more reasonable a premium to trade at until other Bitcoin ETFs come out (but of course the market sets the price, not logic). “If” more cryptocurrency-based ETFs come out on the stock market, expect GBTC to trade at or around its “Net Asset Value (NAV).” Until then, one should look at the history of volume and price, that history shows us the premium is likely here to stay until more competition comes around. It also shows us the demand for Bitcoin is high, even if not everyone takes that demand to the traditional Bitcoin markets.

OPINION: One could argue that GBTC trades well above its NAV because it is trading based on future value. While this argument has some weight to it, especially considering it is the only Bitcoin stock on the market, the idea that future value justifies the premium isn’t a very compelling argument in my opinion. GLD doesn’t do this with gold to any great extent (generally speaking, if you want to trade the future price of gold, you trade gold futures and options, not a gold trust). In other words, you could argue GBTC’s current price reflects future prices but that alone, in my opinion, doesn’t justify the premium. Trading Bitcoin’s value today is risky enough, never-mind trading its future value. If you want to trade the future price of Bitcoin, you can trade Bitcoin futures.

GBTC vs. Buying Bitcoin – The Bottomline

Trading GBTC means paying a premium for quick no limit trading. Meanwhile, trading actual bitcoin means dealing with all sorts of limits and transactions fees.

Do you want to be able to trade quickly and easily from your traditional brokerage account at the expense of limited trading hours and a premium? Or do you want way better profit margins with slower trades, transactions fees, a bigger learning curve, and some additional risks, but be able to trade instantly and at cost?

There is no good answer to what is better. My general suggestion would be to do both (but to remain cautious and not invest your life savings; someone suggested 1% of total funds to invest, that might be about right). There is no doubt that GBTC is overpriced in early 2017, but that could change. Still, one can make money on an overpriced asset; no rule says you can’t.

Bottomline: The closer GBTC is to the cost of bitcoin (the closer it is to its NAV), the better buy it is. It has historically resisted going below a 20% NAV, so that is worth considering. All that said, even when it is trading at a somewhat absurd premium, there are still real reasons to buy GBTC rather than braving even the simplest and most user-friendly alternative Coinbase. If you understand the risks of GBTC, it can be a worthwhile bet if you understand what you are buying. If you are holding $14 GBTC, you are essentially betting Bitcoin will be worth $14k+. That is possible, and might even sound laughable if I don’t update these numbers quickly enough, but the point isn’t that. The point is, you need to realize the bet you are taking with GBTC before you make your choice.

TIP: Don’t knock GBTC until you’ve tried dealing with the cryptocurrency exchanges. It is easy to scoff at the premium, but that premium comes with significant benefits for the casual investor looking to take a risk on the volatile Bitcoin market. The average person might not have the extra time to deal with the 24/7 cryptocurrency market and all its learning curves. GBTC offers exposure to cryptocurrency at a premium, and that is a trade-off that some will be willing to make (after-all, market demand is causing the current premium, not Greyscale, so the proof is in the pudding).

"Understanding The Bitcoin Investment Trust (GBTC)" contains information about the following Cryptocurrencies:

SecondMarket launches Bitcoin Investment Trust, invests $2 Million

Article updated on October 1 at 11:44 BST.

Private investment vehicle the Bitcoin Investment Trust (BIT) will today (26 th September) begin raising capital on SecondMarket, the alternative trading system for private company stock.

BIT, an open-ended private trust, invests exclusively in bitcoin and enables people to gain exposure to the digital currency without having to directly buy and store it.

Shares of BIT, which is the first US-based private investment vehicle to invest exclusively in bitcoin, are being offered exclusively on SecondMarket.

Initially, each BIT share will represent 0.1 bitcoins, but the trust will not generate any income and will regularly sell/distribute bitcoins to pay for on-going expenses, so the amount of bitcoin represented by each share will gradually decline over time.

Registered broker-dealer SecondMarket has made a $2m seed investment in BIT, and its wholly owned subsidiary Alternative Currency Asset Management (ACAM) is sponsoring the trust.

"We incubated the BIT to alleviate the problems of direct bitcoin ownership, including having to wire money to newly established and potentially unregulated entities around the world," said SecondMarket founder and CEO Barry Silbert.

He went on to say he believes a bitcoin-related investment vehicle is a great fit for SecondMarket as his company's infrastructure "enables streamlined capital raising, liquidity, and investor communications for funds and companies".

Silbert said he thinks bitcoin has the potential to make an impact on a number of industries, but noted that digital currency could also encounter problems. He warned:

"Bitcoin … faces regulatory uncertainty and widespread adoption issues that make investing in bitcoin a highly risky endeavour."

Those who do choose to invest in BIT will have the opportunity to gain liquidity through auctions on SecondMarket, which will start next year. The Net Asset Value (NAV) of the BIT will be calculated daily.

Jon Matonis, executive director of the Bitcoin Foundation and member of ACAM's advisory board, said: "The bitcoin offering from SecondMarket is a project that has been in development for over a year now. It will set the standard for best practices of bitcoin as an asset class in the US."

SecondMarket has confirmed that Archibald Cox Jr, former chairman of Barclays America, has also joined the advisory board and invitations have been sent out to other individuals that are anticipated to accept and join over the coming weeks.

Mark Murphy, executive vice president of communications at SecondMarket, said the company had received a number of requests from financial professionals, technology entrepreneurs and even gold enthusiasts relating to investing in bitcoin, which cemented the company's decision to add BIT.

Murphy said BIT differs from the Tyler and Cameron Winklevoss' proposed Winklevoss Bitcoin Trust as it is aimed exclusively at institutional and accredited individual investors:

"We believe that the risk profile of bitcoin is not appropriate for retail investors.

We're obviously excited about the potential upside of bitcoin, but there's also the real possibility that the value of bitcoin will go down to zero."

The price of bitcoin is currently sitting at around $122-$126, but it has fluctuated between around $250 and $68 over the past six months. Some of those involved in the space believe the price could reach four-digit numbers by the end of the year or into 2014, but others still protest that digital currency is a passing fad.

Bitcoin Investment Trust is now being listed on the Bloomberg terminal with the trust's objective and strategy being noted as "currency", but the asset class as "specialty".

The minimum investment accepted is currently $25,000, with a front load of 0%, back load of 1.5% and management fee of 2%. The fund code is XBTFUND US, which adds weight to the argument that XBT should be adopted as the ISO currency code for bitcoin.

What do you think? Let us know in the comments below.

Disclaimer: CoinDesk founder Shakil Khan is an investor in SecondMarket.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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What is the Bitcoin Investment Trust (BIT)?

Trading under the ticker symbol GBTC, the Grayscale Bitcoin Investment Trust is currently the only Bitcoin Investment Trust that is publicly trading. Pegging its share price to the TradeBlock XBX 24-hour bitcoin index, the BIT is generally seen as favorable by the bitcoin community, since shares usually trade as an asset to bitcoin’s net market value. The Grayscale BIT is seen as the only viable alternative to active bitcoin purchasing as an investment option today.

The Grayscale Bitcoin Investment Trust is owned by DCG, which also acquired the cryptocurrency news site CoinDesk in 2016.

With the exception of momentary price spikes, the BIT has shown consistent growth, with the trust currently sitting near its record-high. Daily trading volume has also shown incremental growth, although the volume has shown more volatility than the pricing.

How It Works

A bitcoin investment fund is a managed, tradeable investment fund. The fund creates and manages a portfolio of bitcoin, purchased with the invested stake in the fund. As the fund is directly pinned to the bitcoin, share valuation in the BIT rises as the portfolio’s value rises.

Unlike other BITs – which function similarly to EFTs in the sense that they are restricted to institutional investors that have been invited into the trust and are willing to pay a minimum investment – Greyscale is open to the public. There are no investor requirements to join the trust, although a would-be investor must find an OTC dealer willing to sell shares. The commodity exchanges do not list the Greyscale BIT currently as a sellable asset.

GBTC share pricing is advertised to be based on a set price per bitcoin. As GBTC share pricing is growing at a faster rate than bitcoin itself, there is suspicion that GBTC may be forming a pricing bubble. Per Grayscale, GBTC pricing is supposed to be at 0.0931 bitcoin. For May 19, for example, that means that GBTC should be at $191.13, instead of the $219 at which NASDAQ quoted the share. GBTC has a two percent annual fee that is applied to the share price.

Eligible to be held in tax-advantaged accounts such as Roth IRAs, investment in the Greyscale BIT can provide a tax break that pure bitcoin investment does not. Additionally, GBTC shares are:

Assignable in the subscriber’s name, making them eligible for transferring under existing estate laws (Typically, bitcoins in a wallet are barrier instruments; the possessor of the wallet is the lawful owner of the bitcoin in the wallet.)
Backed by assets stored in multisignature vaults managed by Xapo
Subject to United States security laws and federal commodity protection rules
Publicly quoted on the OTCQX ticker

Investors do not own any actual bitcoin in the trust’s pool, nor do they have control over how the bitcoin are managed.

Stock Ticker

Greyscale is tracked on the OTCQX ticker as an alternative commodity under the symbol GBTC. As it is against SEC rules to sell bitcoin-based ETF shares, GBTC is sold off-exchange through registered dealers.

Minimum Requirement for Investment

Unlike Greyscale’s Ethereum Classic Investment Trust, which requires the investor to have an earned income of at least $200,000 or a net income of over $1 million, GBTC has no requirements. Since the shares are unregistered and openly traded, they are available for anyone willing to buy them.

However, unlike bitcoin, GBTC shares cannot be bought anonymously. A new buyer is required to register his or her shares with Greyscale for commodity reporting reasons.

Recommendations

As with any investment, it is essential that you do your due diligence before investing. While GBTC is showing healthy growth, its pricing model may prove to be unsustainable in the near future. However, this instability may be a valid trade-off for the features these instruments offer.

There are other BITs in existence, but they are limited to enrollment to invited institutional partners. Thus, GBTC remains the only publicly available alternative to direct bitcoin ownership. For those unwilling to “take the dive,” GBTC offers an opportunity to take advantage of bitcoin’s historic growth in a managed, supervised investing environment. For those seeking an alternative to traditional commodity trading, BIT may be the perfect vehicle.

четверг, 14 июня 2018 г.