The Securities and Exchange Commission’s pending decision on what would be the first exchange-traded fund (ETF) for bitcoin price tracking in the United States is generating a lot of buzz as the date of the decision draws near.
First, a bit of background. Nearly four years ago, Cameron and Tyler Winklevoss—known for slapping a lawsuit on Facebook founder Mark Zuckerberg—applied for the digital currency ETF with the SEC. The “Winklevoss Bitcoin Trust” was created essentially to provide exposure for commodity buyers to bitcoin, operating like an investment fund that can be traded like stocks. The twins are expected to receive the final decision on whether they can list their ETF on the Bats Exchange on March 13.
Investors and bitcoin traders are confident that SEC will approve the listing, which will pave the way for other ETF listings and even unleash the flow of institutional money.
“We have spoken to a number of our investors, particularly from the U.S., who have indicated to us that they have been buying bitcoin,” Daniel Masters, portfolio manager of Global Advisors Bitcoin Investment Fund Plc, told Reuters. “They think the Winklevoss ETF and other bitcoin ETF listings will succeed.”