Silbert’s Bitcoin Investment Trust IPO Upped to $1 Billion

Blockchain, FinTech, Investing, News, Regulation | May 5, 2017 By:

Bitcoin Investment Trust (BIT) has amended its US Securities and Exchange Commission (SEC) filing for an exchange-traded fund, doubling its initial public offering to one billion dollars.

An amendment filed with the SEC on Thursday includes the new figure. The agency is currently reviewing its prior decision to reject the Winklevoss twins bid to create the first-ever bitcoin ETF in the US. The SEC rejected the initial request, citing concerns over regulatory issues. The decision is now on appeal.

Still to come: an ethereum-based ETF is currently before the SEC, and BIT CEO Barry Silbert has created a private fund based on Ethereum Classic.

Cryptocurrency prices have been skyrocketing, with bitcoin topping $1,600 per coin this week and other cryptocurrencies sitting at all-time highs.

Alan Friedland, the CEO of Compcoin, a token that provides access to trading software. predicts that the SEC still won’t budge off its prior disapproval of bitcoin’s lack of regulatory controls.

“While there’s ample interest from investors in digital assets, neither trusts nor ETFs will be approved for these investors until the underlying markets for the commodity, such as bitcoin and ethereum, have an adequate inter-market surveillance agreement in place,” Friedland said. “Groups that wants to make this opportunity available through Wall Street must consider establishing an industry-wide, possibly global, independent Self Reguatory Organization (SRO) that is capable of obtaining membership in the Inter-market Surveillance Group (ISG). This group dates back to the 1980s and sits between governments and Self Regulatory Organizations (SRO’s).”