Winklevoss bitcoin ETF Road
Winklevoss bitcoin ETF can be issued for approval, the results will be released, which has become a worldwide headlines, changed the financial analysts, the concept of bitcoin is almost known to every family.
This is defined by the Cameron and TylerWinklevoss two investors put bitcoin Exchange Traded Fund (ETF) issuance application. The application of ETF in the year 2013 for the first time put forward and affected by a series of public opinion and trade form, is now waiting for the U.S. Securities and Exchange Commission to make a decision, the committee is considering a plan to help them through the changes of rules.
Although most of the digital currency industry are clear about this sequence of events, but who are not familiar with the people may not understand the details. Therefore, for the progress of CoinDesk bitcoin ETF — from the application to the upcoming results — made a comb.
Before the introduction of bitcoin at the early stage of ETF, Tyler and CameronWinklevoss start to understand what is sacred.
Two of them have graduated from Harvard University, participated in the 2008 Beijing Olympic Games men’s rowing competition, according to ESPN reports, they advanced to the finals and eventually won sixth place.
Before they set their sights on bitcoin, with Facebook founder MarkZuckerberg lawsuit has become the focus of the event is recorded in the 2010 Movie “the social network”. At Harvard, the Winklevosses brothers conceived of a social network, eventually known as ConnectU, for the project they began to collaborate with Zuckerberg. However, Zuckerberg soon established the famous Facebook platform, led to legal disputes with compensation of $65 million.
However, they are waiting for the SEC this week will make decisions about bitcoin (proposed in early 2013). This makes them decide in this week’s SEC line. The two accumulated wealth bitcoins, may represent the mainstream investors confidence in the currency of the preliminary.
A few months later, they submitted the first form S-1 to SEC, formally filed with bitcoin bound ETF issue.
They first put forward the fundamental point of view the issue of ETF in the original file. Simply, they think the product will make more experienced investors don’t have to buy or hold electronic money can come into contact with bitcoin.
This document explains:
“The objective is to make the Investment Trust shares reflect the bitcoin mixed bitcoin prices, reduce the cost of fund operation. Shares for investors seeking a cost-effective and convenient method to the minimum credit risk exposure to bitcoin.”
Then, Japan bitcoin exchange MtGox bankruptcy together with the industry some other phenomenon makes them in how to construct the ETF on some small but important change. MtGox was once the world’s largest bitcoin exchange, was accused of falsifying bitcoin bankruptcy, resulting in CEO was arrested last year.
In the Gox bankruptcy, they modify the ETF S-1 table, change the ETF for determining the price of bitcoin price index. They used their own development Winkdex, replaced the old pattern of bitcoin exchange based on weighted average price.
Both sides confirmed their original plan listing on the Nasdaq Stock Exchange ETF in the follow-up report in 2014. When the first announced stock code “COIN” — a tribute to digital currency.
It also adds new risk factors associated with ETF, including the possibility of the bitcoin network called 51% attacks.
Wait and wait
This is part of a long wait for the game to submit Winklevoss support ETF. During that time, Winklevosses has made a banking licence for digital currency exchange set up their Gemini basis.
Last summer, Bitfinex exchange due to hacking and DAO fall apart, changed the etheric square project financing tools and Winklevoss algorithm based on ETF.
A new file in June showed that they plan to publish the product on the BatsBZX exchange. The amount also expanded the scope of increase from $20 million to $65 million. This requirement leads to the results published in the delayed again last fall, the SEC in October issued a call, hope to hear more voices of the public, seeking more stakeholders and critics of the idea opinion.
SEC in January this year to further extend the decision-making process, will this week deadline.
However, since then, the amount of ETF to further expand the scope, increased from $65 million to $100 million per share, while the highest price fell to $65 from $10. The February document describes these changes, including network hard bifurcation language and two block chain sharing emergency plan bitcoin transaction at.
The Final Countdown
All of the above progress contributed to today’s situation, market observers, stakeholders, bitcoin enthusiasts and potential investors are waiting for the decision of SEC.
According to informed sources, tomorrow will announce the final results, although the SEC to date is still tight lipped about his decision.
At the same time, bitcoin traders in the market reaction to the ready to buy or respond to fluctuations — here, at least one bitcoin investment hedge fund has reduced its exposure in the market.
But until before making decisions, everyone will always pay attention to SEC.