07 Oct '13, 11am

SecondMarket’s bitcoin offering defines new asset class

It’s not every day that a new asset class is born. The last time was probably a few decades ago when managed futures funds became an accepted asset class among portfolio managers. Now, alternative trading system company SecondMarket has launched The Bitcoin Investment Trust (BIT) , an open-ended, private trust that is exclusively invested in bitcoin and derives its value solely from the price of bitcoin. The private investment vehicle is based in the US and open to institutional and accredited individual investors. Alternative Currency Asset Management (ACAM), a wholly-owned subsidiary of SecondMarket, is BIT’s sponsor and SecondMarket has also made a $2 million seed investment in the BIT. Certainly, a bitcoin trust can be thought of as a unique proxy for investing in bitcoin startups that would not carry the specific risk of management team execution or adopting the corre...

Full article: http://www.coindesk.com/secondmarkets-bitcoin-offering-de...

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