The SEC spread the document, according to which Winklevoss Bitcoin Trust, the fund founded by the owners of Gemini exchange Winklevoss brothers plans to issue shares of its own with this purpose aiming to attract up to $65 mln. loan funds. At the same time Cameron and Tyler Winklevoss signed off the initial idea to enter the Nasdaq market, which was announced as far as three years ago, instead planning to get listed at BATS Global Exchange.
It is worthy of note that initially Winklevoss brothers, intending to enter Nasdaq with Winklevoss Bitcoin Trust, planned to attract around $20 mln., however now the amount declared increased more than three times.
According to the document provided by SEC the fund is determined to issue and cancel shares, which will be moved to blocks - "baskets" of $50k each one. Purchase of baskets will only be available for authorized investors.
The main fund purpose remains long-term investments to Bitcoin and as the Winklevoss brothers assume in such a way they are going to contribute to the cryptocurrency legitimization as a whole.
Earlier the Gemini owners has been declaring their committing to cooperation with institutional investors and willing to attract as many traders with traditional assets as possible to the cryptocurrency industry.
In May Gemini started trading Ethereum, and recently enough it entered the Canadian and British markets. Also Winklevoss brothers plan to enter the Asian Pacific market.
