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Trading under the ticker BIT, Silbert's Bitcoin Investment Trust is poised to beat the Winkelvii and others to become bitcoin's first publicly traded investment fund. Until now, BIT's services were only available to accredited investors wit incomes over $200K and minimum investment of $25K; now any investor desirous of having exposure to bitcoin as an asset without owning bitcoin will have the same opportunity.
Barry Silbert’s Bitcoin Investment Trust (BIT) is about to become the first publicly traded Bitcoin fund. The BIT will be an interesting option for traditional investors looking for exposure to Bitcoin who prefer not to trade Bitcoin as currency. The BIT is sponsored by Grayscale Investments, a part of Silbert’s Digital Currency Group. Currently, the BIT, launched in 2013, is a private, open-ended trust that is invested exclusively in bitcoin and derives its value solely from the price of bitcoin. It enables accredited investors, with annual incomes greater than $200,000 or assets of more than $1 million, to gain exposure to the price movement of bitcoin for a minimum investment of $25,000 without the challenges of buying and securely storing bitcoin. BIT-accredited investors are shielded from hacking attacks and unregulated entities, which would be appealing for small investors as well.
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