The Winklevoss twins are seeking $65m USD for the Bitcoin Trust they are working on with Digital Asset Services, LLC. The aim is to bring available shares of the Trust into the ecosystem that surrounds the digital currency giving it a more legitimate investment vehicle for chosen participants.

In a recent SEC document which describes the initiations of the Winklevoss Twins Bitcoin Trust with blocks of 50,0000 Shares will be sold to investors. The report states, “the shares represent units of fractional undivided beneficial interest in and ownership of the Trust.” Alongside the backing of Digital Asset Services, LLC proceeds received by the Trust are referred to as “Baskets” or “Seed Baskets” which consist of a Trust formed with “only Bitcoin.”

Shares will be listed under the symbol “COIN” and will be facilitated through the Bats BZX Exchange. This goes against the conventional and initial approach to trade with Nasdaq. The Winklevoss brothers have been planning the Trust for quite some time announcing the project three years ago. The Bitcoin Trust was going through the process of SEC approval and choosing the right exchange facilitator.

The ETF is believed to help further maturation and legitimization in the Bitcoin market. The twins have also started their Gemini exchange early last year and have expanded it to the UK and Canadian markets recently. According to the SEC filing, the exchange will be the custodial holder of the new Bitcoin Trust being planned. The public document provided by SEC also states at the current time only 1 million shares will be issued with the Seed Basket offerings. The filing states:

“Proceeds received by the Trust from the issuance and sale of Baskets, including the initial Baskets (the ‘Seed Baskets’) issued to [INITIAL PURCHASER] in its capacity as the purchaser of the Seed Baskets (the “Initial Purchaser”) in connection with the formation of the Trust, will consist only of bitcoin. Pursuant to the Trust Agreement, during the life of the Trust, such proceeds will only be held by the Trust, distributed to Authorized Participants in connection with the redemption of Baskets; transferred to pay the Sponsor’s Fee; transferred and sold as needed to pay the Trust’s expenses not assumed by the Sponsor; or sold in connection with the termination and liquidation of the Trust or as otherwise required by law or regulation.”

The latest news from the Winklevoss twins shows investment moguls are gearing up for the uptrend within Bitcoin’s landscape which is growing fervently. As the buzz of investors and consultancy firms declare Bitcoin a ‘Safe Haven’ the ETF probably will do well with seasoned traders. The Winklevoss twins have continued to make a name for themselves and look as though they are in the cryptocurrency game for the long haul.

Source: SEC Filing

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