The Bitcoin Investment Trust, a bitcoin-based exchange traded fund (ETF), has been sponsored by investment firm Grayscale Investments for Securities and Exchange Commission approval. In the announcement, Grayscale’s CEO Patrick Byrne said that he was “excited to announce our partnership with Coinbase on this new exchange.” The provisions represent a bid to gain approval where bitcoin ETFs have failed in the past. Grayscale Investment is a subsidiary of the Digital Currency Group, a bitcoin-based holding company.
The Bitcoin Investment Trust, a bitcoin-based exchange traded fund (ETF), has been sponsored by investment firm Grayscale Investments for Securities and Exchange Commission approval. The submission included two new provisions: a proposed maximum size of $1bn and the addition of authorised participants Credit Suisse, KCG and Wedbush Securities. The provisions represent a bid to gain approval where bitcoin ETFs have failed in the past. Grayscale Investment is a subsidiary of the Digital Currency Group, a bitcoin-based holding company.