26 Sep '13, 12am

SecondMarket launches Bitcoin Investment Trust, invests $2 million

Private investment vehicle the Bitcoin Investment Trust (BIT) will today (26th September) begin raising capital on SecondMarket , the alternative trading system for private company stock. BIT, an open-ended private trust, invests exclusively in bitcoin and enables people to gain exposure to the digital currency without having to directly buy and store it. Shares of BIT, which is the first US-based private investment vehicle to invest exclusively in bitcoin, are being offered exclusively on SecondMarket. Initially, each BIT share will represent 0.1 bitcoins, but the trust will not generate any income and will regularly sell/distribute bitcoins to pay for on-going expenses, so the amount of bitcoin represented by each share will gradually decline over time. Registered broker-dealer SecondMarket has made a $2m seed investment in BIT, and its wholly owned subsidiary Alternativ...

Full article: http://www.coindesk.com/secondmarket-launches-bitcoin-inv...

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