In another sign that the Winklevoss Bitcoin ETF is making slow but steady headway, the latest amendment to the fund's S-1 filing with the U.S. Securities and Exchange Commission (SEC) will use COIN as its ticker symbol.
Since a previous filing revealed that the fund would trade on the Nasdaq exchange, that would make the Winklevoss Bitcoin ETF ticker "Nasdaq: COIN."
Formally known as the Winklevoss Bitcoin Trust, it's the brainchild of the Winklevoss twins, Cameron and Tyler. The pair gained notoriety by successfully suing Facebook Inc. (Nasdaq: FB) founder Mark Zuckerberg for $140 million for taking their idea for a social network.
The fresh amendment naming Nasdaq: COIN as the ticker symbol was filed July 1, exactly one year after the initial filing of the S-1 form. Despite the long process, the Winklevoss Bitcoin ETF appears to be on track for SEC approval, probably before the end of the year.
"Under the securities laws we are not permitted to discuss timing to launch or effectiveness," Cameron Winklevoss told The Wall Street Journal. "However, identifying the ticker symbol and the exchange are two major events that further demonstrate that we are moving forward as expected."
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The amended S-1 was also updated with recent changes in the global regulatory environment. For instance, it now points out that Switzerland is moving closer to clarifying its stance on Bitcoin, while the Bolivian central bank recently banned the digital currency.
That the Winklevoss Bitcoin ETF was able to snag Nasdaq: COIN came as something of a surprise, as few believed that ticker to be available. In fact, COIN was in use as recently as June of 2013, but the company using it merged with another and changed its ticker.
To duplicate the structure of GLD, the Winklevoss Bitcoin ETF will buy one bitcoin for every five shares of the fund. With the current Bitcoin price at about $615, one share of the Winklevoss Bitcoin Trust would today trade for $123.
The Winklevoss Bitcoin Trust also has some competition brewing from SecondMarket's Bitcoin Investment Trust, a hedge fund currently open only to accredited investors. But SecondMarket is seeking regulatory approval to open the Bitcoin Investment Trust to all investors, which should happen around the same time the Winklevoss Bitcoin ETF gets SEC approval.
UP NEXT: Because of how it's designed, the Winklevoss Bitcoin ETF will be one of the best ways for retail investors to participate in the Bitcoin revolution. Here's everything you need to know about the Winklevoss Bitcoin Trust...
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About the Author
David Zeiler, Associate Editor for Money Morning at Money Map Press, has been a journalist for more than 35 years, including 18 spent at The Baltimore Sun. He has worked as a writer, editor, and page designer at different times in his career. He's interviewed a number of well-known personalities - ranging from punk rock icon Joey Ramone to Apple Inc. co-founder Steve Wozniak.
Over the course of his journalistic career, Dave has covered many diverse subjects. Since arriving at Money Morning in 2011, he has focused primarily on technology. He's an expert on both Apple and cryptocurrencies. He started writing about Apple for The Sun in the mid-1990s, and had an Apple blog on The Sun's web site from 2007-2009. Dave's been writing about Bitcoin since 2011 - long before most people had even heard of it. He even mined it for a short time.
Dave has a BA in English and Mass Communications from Loyola University Maryland.