By
Temitope Olatunji
April 24th, 2024
Although the Winklevoss Bitcoin Trust was initially listed on Nasdaq, Winklevoss brothers have decided to change it to BATS Global Markets.
Twin brothers Cameron and Tyler Winklevoss have been struggling to offer a Bitcoin ETF for three years. It was reported the other day that they had decided to make several amendments to their regulatory filing with the Securities and Exchange Commission.
Initially, the Winklevoss Bitcoin Trust, a proposed bitcoin trading fund, was listed on Nasdaq. Now, the brothers switched it to BATS Global Markets that is known for its technologically advanced exchange. BATS Global Markets is rather popular among newly launched ETFs. The exchange operator executed 24.5% of U.S. ETF trading in May.
According to the amended filing, the custodian for the bitcoin held by the Winklevoss Bitcoin Trust is Gemini Trust Company. Gemini got a trust charter from the New York State Department of Financial Services in October. Brothers also set the value for the Trust’s bitcoin at the 4pm Eastern Time spot price each day on the Gemini exchange.
As we have already mentioned, the Winklevoss brothers started their trust three years ago. They are now waiting for the approval from the Securities and Exchange Commission. As soon as they get it, they will become the first bitcoin ETF regulated by SEC. Being the first can bring considerable demand to the Trust as many cryptocurrency enthusiasts prefer to invest bitcoin properly rather than holding the digital funds themselves. The Winklevoss Bitcoin Trust would trade under the ticker symbol COIN.
Remarkably, the Winklevoss Bitcoin Trust will be the first bitcoin-related asset for to BATS Global Markets. “We are excited to add the Winklevoss Bitcoin Trust,” said Laura Morrison, head of exchange-traded products at BATS.
Bitcoin has not only become less volatile recently, but more than doubled over the last year. The most incredible boost has been observed recently.
Many experts share the opinion that bitcoin price increase has become the result of the upcoming Brexit. The event was rather predictable as political and economic instability grows in many regions of the globe.
“Bitcoin is effectively becoming digital gold,” said Ashvin Bachireddy, co-founder and general partner at Geodesic Capital, a Silicon Valley venture capital firm that backed bitcoin start-up 21 Inc. “You can continue to see further validation of bitcoin as something detached from a centralized government that allows people who work to preserve wealth in a secure way.”
Jesse Powell, CEO of digital asset exchange Kraken, revealed that the Brexit vote doubled the volume of bitcoin trading just in 24 hours.
“There’s an advantage to having a currency that isn’t political, isn’t tied to a government and not subject to these kinds of things happening,” said Powell, whose San Francisco-based start-up enables the exchange of national currencies into cryptocurrencies. “It’s purely governed by math.”