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Bitcoin Investment Trust Could IPO by October
#1
Bitcoin Investment Trust (BIT) wants to be listed on NYSE Arca, according to a registration statement filed Friday with the U.S Securities and Exchange Commission (SEC). This is the second proposed Bitcoin investment trust listing on the exchange. The first, Solidx Bitcoin Trust, has yet to be approved by the SEC. Using Solidx as a model, it could take the Commission until October to make a decision whether to approve or disapprove BIT’s listing.

As Donald Trump prepared to be inaugurated as the 45th President of the United States on January 20, Barry Silbert filed a registration statement with the SEC seeking an initial public offering (IPO) for his flagship fund BIT. BIT’s shares are to be listed under the symbol GBTC on the NYSE Arca. 

“This is an initial public offering of the Trust’s Shares,” BIT’s registration[/url]
[img=200x0]https://news.bitcoin.com/wp-content/uploads/2017/01/gbtc-1-300x174.jpg[/img]

statement reads. The shares “are designed to provide investors with a cost-effective and convenient way to invest in Bitcoin.” Grayscale Investments, LLC is the sponsor of the Trust, Delaware Trust Company is the trustee, the Bank of New York Mellon is the transfer agent, as well as the administrator, and Xapo Inc. is the custodian. The annual fee for investors will remain at 2 percent. The proposed maximum offering is $500 million of the Trust’s shares.
Silbert’s Grayscale Investments, LLC simultaneously [url=http://www.prnewswire.com/news-releases/grayscale-investments-llc-ceases-private-placement-of-bitcoin-investment-trust-300394141.html]announced
 that it “has ceased its ongoing private placement and will no longer issue shares of the Bitcoin Investment Trust through its previous 506© private placement.” However, BIT’s shares will continue to be quoted in the secondary market over-the-counter on OTCQX under the symbol GBTC while the registration with the SEC is pending approval. GBTC currently has assets under management of $164.21 million as of the end of December 2016.






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