The Winklevoss twins are seeking $65m USD for the Bitcoin Trust they are working on with Digital Asset Services, LLC. The aim is to bring available shares of the Trust into the ecosystem that surrounds the digital currency giving it a more legitimate investment vehicle for chosen participants.
In a recent SEC document which describes the initiations of the Winklevoss Twins Bitcoin Trust with blocks of 50,0000 Shares will be sold to investors. The report states, “the shares represent units of fractional undivided beneficial interest in and ownership of the Trust.” Alongside the backing of Digital Asset Services, LLC proceeds received by the Trust are referred to as “Baskets” or “Seed Baskets” which consist of a Trust formed with “only Bitcoin.”
Shares will be listed under the symbol “COIN” and will be facilitated through the Bats BZX Exchange. This goes against the conventional and initial approach to trade with Nasdaq. The Winklevoss brothers have been planning the Trust for quite some time announcing the project three years ago. The Bitcoin Trust was going through the process of SEC approval and choosing the right exchange