Bitcoin Investment Trust (BIT) has received approval to list on the securities marketplace OTC Markets Group, meaning shares could begin trading as soon as next week.
In preparation for the debut, the private investment vehicle owned by Digital Currency Group (DCG) has announced the launch of Grayscale Investments, which will sponsor the BIT, taking on responsibilities as necessary to register and run the fund.
Commenting on the news, director of sales business development Michael Sonnenshein laid out a broad vision for the latest entrant in the larger DCG entity, the parent brand for bitcoin products and services spearheaded by founder Barry Silbert.
Sonnenshein told CoinDesk:
“We’re trying to establish ourselves as the trusted authority on digital currency investing, and seek to develop a fleet of investable products that will allow people to invest in digital currency.”
Sonnenshein indicated that Grayscale’s name was inspired by the appearance of a distributed network of nodes at distance.
“As you draw back away from it, it reveals this nice grayscale, it’s a mathematical look at it, and it’s a name we all really loved,” he added.
No set trading time
While certain eligible owners of BIT shares will be