Winklevoss Bitcoin Trust Looks to Raise $65 Million for ETF

Posted in: Archive
June 30, 2016 1:18 PM UTC

According to an SEC document filed yesterday, the Winklevoss Bitcoin Trust has filed to switch the listing from Nasdaq to BATS Global Markets and has filed for a maximum offer of $65 million.

Having listed their first application to list on Nasdaq, with the Securities and Exchange Commission (SEC) three years ago, the brothers are now looking to list the Winklevoss Bitcoin Trust, their bitcoin exchange-traded fund [ETF] to BATS Global Markets.

The filing reveals that the size of the offering will be a listing of 1 million shares, at $65 each. That figure is up from the list price of $20.09 each share, three years ago in its first filing.

While there are no details within the filing describing the change in trading platforms, the move sees the Winklevoss twins looking to list in BATS, now the second largest US equities market operator and a popular destination for EFTs.

The Trust is looking to be traded under the ticker symbol “COIN”.

If the filing is approved by the SEC, the Winklevoss Bitcoin Trust will be the first bitcoin ETF to gain the approval by the SEC.

Also read: A Gemini Exchange User Is Pissed at the Winklevoss Twins

Notably, the Gemini Trust Company, the brothers’ trust company is now designated as the custodian of the ETF, the filing revealed. Previous filings did not include any designated custodians. Delaware-based limited liability company Digital Asset Services, LLC, is the sponsor of the trust and is wholly owned by Winklevoss Capital Management, LLC.

Last year, the Gemini Trust Company received a limited liability trust charter from the Department of Financial Services in New York. The designation allows Gemini to operate nationwide, without having to apply for money-transmitter licenses from individual states.

The Winklevoss-led digital currency exchange Gemini is currently expanding beyond stateside shores, having opened in Canada earlier this month before following up with an opening in the UK.

The expansion comes soon after the bitcoin exchange enabled trading of ether, the token currency of the Ethereum network, earlier in May 2016.

Featured image from Shutterstock.

Last modified: May 21, 2020 10:21 AM UTC

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Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@) or find him barely tweeting @sambdas