Private investors Tyler and Cameron Winklevoss, who famously received $65 million in cash and stock as part of a 2008 settlement from Facebook (FB), are making progress in their attempt to create the first Bitcoin ETF in the U.S.
The twins originally filed a registration statement with the SEC in July 2013 to create the Winklevoss Bitcoin Trust to be traded as an ETF under the symbol [[COIN]].
Bitcoin, or BTC, is a digital cryptocurrency that utilizes distributed general ledger technology called "blockchain" to help insure security for trading of the currency between anonymous parties.
The Trust & The ETF
The Trust would be the actual purchaser of bitcoin and issue bitcoin shares, "which represent units of fractional undivided beneficial interest in and ownership of the Trust."
COIN ETF originally intended to float 1 million shares at a price of $20 per share to purchase that ownership interest in the…
