26 Sep '13, 4pm

Here comes Second Market’s new Bitcoin fund: but is it a trophy or a turd?

Bitcoin, the synthetic currency beloved by techies and libertarians, faces a catch-22 in its quest for mainstream acceptance: it needs more liquidity to attract investors, but most investors stay away because it’s not liquid enough. The situation is improving, though, as as more firms offer products that could break the liquidity logjam. The latest of these is SecondMarket, a financial firm that specializes in hard-to-trade items. The company, and its Bitcoin-obsessed CEO, Barry Silbert, has launched the Bitcoin Investment Trust , which will resemble an exchange trade fund (ETF). ETF’s are popular because they let investors trade shares that mimic the value of an underlying asset like gold or a basket of equities — or Bitcoin, in the case of SecondMarket. (To ensure the ETF shares maintain a value relative to the asset, the entity that controls the fund adds or destroys sh...

Full article: http://gigaom.com/2013/09/26/here-comes-second-markets-ne...

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New fund launched for bitcoin investors

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#Bitcoin trust launched by @SecondMarket

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