02 Jul '13, 12am

The, um, unusual risks of investing in the Winklevoss bitcoin ETF

The, um, unusual risks of investing in the Winklevoss bitcoin ETF

Cameron and Tyler Winklevoss are forming an exchange-traded fund (ETF) for bitcoin, the alternative currency in which they hold a large stake . The twins, best known for their tangential role in Facebook’s founding, just filed the paperwork for a public listing of the Winklevoss Bitcoin Trust at a proposed valuation of $20 million. That’s equivalent to about 236,000 bitcoin at the present market value —which, incidentally, fell about 10% today in a typically volatile day of trading. Pricing the IPO, if it ever comes to market, will be tricky. But that’s hardly the only odd aspect of offering a bitcoin-based ETF. Though all securities carry risks, which must be disclosed to investors, the ones listed in the Winklevoss prospectus are unique: The trust may not have adequate sources of recovery if its bitcoins are lost, stolen or destroyed. and… The loss or destruction of a pr...

Full article: http://qz.com/99632/winklevoss-bitcoin-etf-risk-factors/

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