Get email alerts Final rule on proposed bitcoin ETF to come in March The multiyear campaign for a bitcoin ETF will end in March Digital currency is in its ascendancy.If you’re excited about the idea of investing in a bitcoin-tracking exchange-traded fund, you’ll have to wait a bit longer to learn if you can—again.The Securities and Exchange Commission on Wednesday designated March 11 as the date by which it would either approve or disapprove the Winklevoss Bitcoin Trust ETF, which would be the first to exclusively track the digital currency.A decision would represent the end of a multiyear campaign to bring a bitcoin ETF to market.Tyler and Cameron Winklevoss, who run Winklevoss Capital, first announced plans for one in 2013; the pair also run both WinkDex, a bitcoin price index, and Gemini, a bitcoin custodian and exchange.Winklevoss Capital didn’t immediately return requests for a comment.The SEC has delayed issuing a ruling on the proposed ETF multiple times.In October, it declined to rule, saying it was instead seeking additional public feedback on the proposal.

In a filing published on Wednesday, the SEC said it had subsequently received 30 comments.Read: Here’s one easy way to get exposure to bitcoin ahead of the Winklevoss ETF The proposed fund, which would trade on the Bats exchange, was first published for public comment on July 14 of last year.The SEC could have ruled on it on Jan.10—180 days after that date—but it is instead waiting until March 11, which is 240 days since July 14.“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” the SEC wrote in a statement.Because March 11 is a Saturday, the ruling could actually be announced on Friday, March 10, the final business day before the deadline.While investors can put their money into bitcoin directly, those waiting on an ETF to get bitcoin exposure have missed out on some massive gains.The price of a single coin more than doubled in 2016, due to increasing adoption of bitcoin among professional investors, improving market fundamentals and a perception that the world’s largest economies are growing increasingly unstable.

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Join our Telegram Channel!Get Bitcoin News stories in Telegram × DismissMSCI’s decision will broaden China A-share access, but this year, funds excluding A-shares are performing best.These funds have gathered significant assets so far this year.The largest ETFs don't always have the most liquid options markets.Will the result offer opportunities in the options space?The index provider is adding the country to its emerging market index.Legendary investor discusses why he sees big economic downturn approaching and how investors can protect themselves.ethereum 86Firm’s head of ETFs discusses the path the company took to build an ETF business.bitcoin wallet windows phone 7Founder of DoubleLine shares his latest thoughts on the financial markets.bitcoin pool server download

Winklevoss Bitcoin Fund: Dumb Money or Good Idea?Tyler and Cameron Winklevoss will know within days whether they’ve won approval to begin offering their bitcoin-based exchange traded fund, with the digital currency’s record rally hanging in the balance.Officials from the U.S.Securities and Exchange Commission met with the twins on Feb.14 to discuss their proposal for an ETF based on the digital currency, according to a short notice of the meeting published on Feb.A decision is due by March 11.reddit bitcoin litecoinThe 35-year-old twins want to trade the security on the Bats BZX Exchange Inc.An approved ETF would make bitcoin investing simple for small traders and institutions, while potentially boosting the digital currency just as it’s hitting new highs almost daily.bitcoin canada quadSome $300 million could pour into a bitcoin ETF in its first week, Spencer Bogart, head of research at venture-capital investor Blockchain Capital, said in an interview.bitcoin no devices detected

“I’d be very surprised if it did anything but double from whatever levels it is at beforehand,” Bogart said.Bitcoin rose as high as $1,263.49 on Thursday, an intraday record, passing the price of an ounce of gold.It has gained 28 percent this year, as investors worried about global uncertainties and speculated on a more relaxed regulatory environment for the currency under President Trump.Hopes for the ETF have been a factor as well.The Winklevoss Bitcoin Trust is one of three such vehicles seeking regulatory approval -- and the advantages that come with being first.nieuws over bitcoinThe others are Bitcoin Investment Trust, a creation of Barry Silbert, who had previously built a market for selling shares in private companies, and SolidX Bitcoin Trust.Digital Asset Services, the sponsor of the Winklevoss ETF, declined to comment.food stamps bitcoin

Silbert and Ivan Brightly, chief operating officer of SolidX, also wouldn’t comment.The Winklevoss twins may be best known for accusing Facebook founder Mark Zuckerberg of stealing their idea for a social-media network, a case they ultimately settled.SEC approval could give enormous power and riches to the winner for years to come.Just look at gold: SPDR Gold Shares ETF, started in 2004, has more than four times higher the market value of iShares Gold Trust ETF, started in 2005.typical litecoin mining rate“This is the first-to-market race,” Chris Burniske, an analyst at Ark Investment Management LLC, said in an interview.Cameron Winklevoss, left, and Tyler Winklevoss Trading bitcoin now is no easy thing.Investors have to open bitcoin wallet accounts, then purchase bitcoins via online exchanges.Or they can invest in Bitcoin Investment Trust, which trades over the counter, often at a hefty premium to the cryptocurrency.

A last possibility is Ark, which operates an ETF with 5 percent exposure to blockchain -- the database technology underlying bitcoin -- and peer-to-peer computing.With a publicly traded ETF, small investors could just call their brokers or buy shares online.Approval is by no means certain.On BitMEX, a contract betting on approval of the Winklevoss Bitcoin Trust spiked to an all-time high of 70 percent on Feb.28, before crashing to 53 percent on March 1.Neena Mishra, director of ETF Research at Zacks Investment Research, pegs the chances at 40 percent.The biggest unknown is whether the regulators will conclude that bitcoin, a digital currency created on and managed by computers, lends itself to being a part of an ETF at all.Whether it’s secure enough, for example.Gox had many of its bitcoins stolen several years ago.Last summer, a project running on a blockchain technology similar to bitcoin’s got hacked and lost millions of dollars of investors’ funds.Read more: You Can Bet On Whether the SEC Approves the First Bitcoin ETFBitcoin has similarities to currencies, as well as commodities like gold -- since there’s a limited number, it could be considered a scarce resource.

What ultimately matters is how the SEC sees it.“Bitcoin is not a stock, it’s not a bond, it’s not a hard asset like precious metal, it’s not a commodity future,” Ben Johnson, director of global ETF and passive strategies research at Morningstar Inc., said in an interview.“It’s a technology that’s very much in its infancy, and it’s not something that in my mind lends itself to being packaged as an ETF.”An SEC rejection of the Winklevoss proposal could help one of the other bitcoin ETFs seeking regulatory approval.“If the Winklevoss (ETF) gets rejected, they’ll get a brief explanation, which will help the other guys figure out how to get theirs through,” said Adam Wyatt, chief operating officer at BullBear Analytics, a researcher focused on bitcoin and other digital currencies.“If it’s approved, all the other guys copy that and do whatever needs to be done to get approved.”Bitcoin Investment Trust, which filed in January to list on the NYSE Arca, already trades over the counter.