Sep 26, · This evening, SecondMarket, took a further step into the Bitcoin space through announcing its new work with the Bitcoin Investment Trust (BIT), a private investment 24crypto.de BIT is the first U.S.-based private investment vehicle to invest in bitcoin alone and received a $2 million seed investment from SecondMarket. The Securities and Exchange Commission today announced that SecondMarket, Inc., a New York broker-dealer registered with the Commission, and Bitcoin Investment Trust (BIT), a Delaware trust whose sole assets are bitcoins, have agreed to settle charges that they respectively violated Rules and of Regulation M under the Securities Exchange Act of in connection with their . Launched in , of the Bitcoin Investment ordinary investors as soon engaged leading service providers Trust, Settle with the Currency Group Bitcoin bitcoin) and multiplying Holdings, Inc. “Custodian Fee” Trust in a Fireside industry, DCG is a. Ordinary Investors SecondMarket's bitcoin investment trust.
In re bitcoin investment trust and secondmarket incSecondMarket’s Bitcoin Investment Trust Amasses $ Million in 3 Months
All of this heralds the fifth and final phase of bitcoin, which will be mass consumer adoption, according to Silbert. That will happen in , he says. That promises to revolutionise the way people deal with money, driving efficiencies into the process and potentially saving people money. But for that to happen, the first four stages are necessary to evolve the virtual currency and drive liquidity into the market.
That means that consumer users will lose a significant percentage on any exchange. This stops consumers from saving much money when using it as a form of money transfer, he says, adding:. So I believe that the monetary base needs to grow first before the promise of bitcoin can be fulfilled.
It will be a while before the BIT is publicly traded. Bitcoin image via Shutterstock. According to Silbert, Wall Street. Tech entrepreneurs Wall Street professionals join another group of people who are blazing a trail in bitcoin by investing ahead of their own companies: technology entrepreneurs.
Phase five Family offices may be the largest investors now, but if, as Silbert believes, institutional investors get involved, they will be the largest group. The Trust has been buying bitcoins from exchanges, merchants, individual users, and miners. Read more about Disclosure 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. Market Wrap. Year in Review Ripple Effect. What is undefined? Those who do choose to invest in BIT will have the opportunity to gain liquidity through auctions on SecondMarket, which will start next year. 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.
Some of those involved in the space believe the price could reach four-digit numbers by the end of the year or into , but others still protest that digital currency is a passing fad. Article updated on October 1 at BST. What do you think? Let us know in the comments below. Read more about Disclosure 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.