Facebook twins launch Bitcoin investment fund
Tuesday 02 July 2013
The Olympian twins famed for suing Mark Zuckerberg have released plans to float a trust based on digital currency Bitcoin.
The Winklevoss twins, whose legal dispute over the origins of Facebook was made infamous in film the Social Network, have filed plans with US regulators to establish the Winklevoss Bitcoin Trust, a vehicle that will give investors exposure to Bitcoin.
The trust will initially sell $20 million (£13 million) worth of shares, with each share worth a fraction of a Bitcoin. The shares are aimed at investors looking for a “cost-effective and convenient means to gain exposure to Bitcoins,” according to the filing.
Bitcoins are a form of electronic money created by an unknown developer in 2008 as a peer-to-peer currency, traded through online networks such as Mt. Gox.
Bitcoins are not managed or traded by a single company or government and their release is tightly controlled by software running a set of algorithms.
Bitcoin has been extremely volatile since the start of the year, with many investors turning to them during periods of uncertainty over the Euro. The value of Bitcoin rose from $13 in January to a peak of $266 in April. It currently stands around $89.
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