01 Apr '15, 6pm

For bitcoin, 'golden moment' or fool's gold?

All that's left is for BIT shares (which trade at ticker symbol "GBTC") to be moved into shareholders' brokerage accounts, a process that should be finished by next week, and "then it's up to them if they will sell," Silbert said. The BIT—which cannot technically be called an exchange traded fund because it does not yet have Securities and Exchange Commission approval—received the go-ahead from the Financial Industry Regulatory Authority to trade on the over-the-counter markets. But while these exchanges may conjure up images of boiler rooms and penny stocks, the BIT will be on the higher-standard OTCQX marketplace. Read More Bitcoin's golden moment: BIT gets FINRA approval There are about 1.4 million BIT shares outstanding, and about half of them have been held for more than a year, Michael Sonnenshein, Grayscale's director for sales and business development, told CNBC. A...

Full article: http://www.cnbc.com/id/102549768

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