Winklevoss twins plan Bitcoin fund IPO
A pile of Bitcoins are shown here after Software engineer Mike Caldwell minted them in his shop on April 26, 2013 in Sandy, Utah.
The Winklevoss twins, who famously accused Facebook founder Mark Zuckerberg of stealing their website idea, are trying to set up a fund that will allow investors to trade Bitcoins as if they were stock. Here's Reuters with the details:
Winklevoss Bitcoin Trust, which is designed to operate like an exchange-traded fund, will initially sell $20 million worth of shares, with each share worth a fraction of a Bitcoin, a filing with the Securities and Exchange Commission showed on Monday.
Bitcoins are an alternative digital currency which have been growing in popularity. However, the fledging currency has been plagued by volatility, regulatory uncertainty, and limited practical value as a payment method.
But Columbia business professor Brett Gordon says for Bitcoin fans, the point is to make it a widespread currency eventually. And the first step in that process is to make it something regular people can invest in.