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Winklevoss Twins Approach BATS Global Markets To List Bitcoin ETF

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Winklevoss Twins Approach BATS Global Markets To List Bitcoin ETF

Cameron and Tyler Winklevoss are notable Bitcoin investors and run a family office called Winklevoss Capital Management, which invests in various asset classes. The twin brothers also own approximately 1 percent of all bitcoins in circulation through their family office.

According to a regularity filing, the brothers now want to oversee the creation of a bitcoin exchange-traded fund (ETF) on the BATS Global Markets stock market. Initially, an ETF was proposed to trade on the Nasdaq exchange.

The BATS exchange oversaw close to 25 percent of all ETF activities in May.

It's Been In The Works

The brothers proposed creating an ETF three years ago that tracks the performance of the digital currency, but are still waiting for approval by the Securities and Exchange Commission. If successful, the proposed ETF would be the first SEC-regulated and approved bitcoin investment vehicle.

The Winklevoss brothers will use another bitcoin-related property under its management, the Gemini Trust Co., as the ETF's custodian. Gemini received a trust charter from the New York State Department of Financial Services last October, and it will hold the actual bitcoins in trust.

Related Link: Self-Proclaimed Inventor Of Bitcoin Reportedly Seeks Hundreds Of Patents On Blockchain Technology

An ETF would trade under the ticker "COIN."

The Wall Street Journal quoted BATS' head of exchange-traded products Laura Morrison as saying, "We are excited to add the Winklevoss Bitcoin Trust."

The Washington Post reported in 2013 that the brothers began buying bitcoins when the dollar value of a single coin was in the single digits. As of Thursday morning, the value of a single bitcoin according to CoinDesk was $668.24.

 

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