Winklevoss brothers pushed the State Street to help launch the first bitcoin exchange-traded fund (ETF).
According to a fresh new SEC filing, State Street is listed as the administrator and transfer agent for the Winklevoss Bitcoin Trust, what is a proposed bitcoin ETF. Its backing is secured by investor-brothers Cameron and Tyler Winklevoss, the well-known founders of the Gemini bitcoin exchange.
As the filing report says, State Street shall be responsible for the “day-to-day administration of the Trust” after the launch, while keeping its books of account together with calculations of the Trust’s net-asset value (NAV), or the value per share of the offering.
There are other changes, that provide responses to the questions, that have come up during the filing’s still ongoing comment period. For example, the filing indicates the ETF would use a “purpose-built” system to verify that the associated custodians hold control of the private cryptographic keys that would allow them to transition ownership. This is said to be the benefit of the Winklevoss filing in comparison to other efforts that have sprung up to launch alternative bitcoin ETFs.
According to the fillin “Other Digital Asset ETPs may not be able to or willing to provide ‘proof of control’ of the private keys that control their bitcoin.”
Albeit we see the success only, this is a result of a long-term hard work from the Winklevoss brothers to launch the ETF, meant to allow investors additional exposure to digital currency market movements. The key momentum came earlier this summer, when the Winklevoss brothers filed to move their application to the BATS exchange, a decision that has set off what has become an extended period of public comment.
Albeit so much positive mood is out there, many epople expected the proposed ETFs to go live only after couple of years. Adding fuel to this speculation is the relative lack of education about digital currencies, as well as the continued issues faced by the bitcoin exchange sector, which remains plagued by breaches and security issues.
