Bitcoin Investment Trust Gets FINRA Green Light to Trade

The Bitcoin Investment Trust (BIT) is set to become the first publicly traded bitcoin fund, having received approval from FINRA, the largest independent securities regulator in the US.
The trust, which launched as a private fund for accredited investors in 2013, is not technically an exchange-traded fund (ETF). To speed up the process of approval, the BIT has made use of a legal loophole that enables public fund holders to sell their shares after a 12-month period.
Barry Silbert, creator of the Bitcoin Investment Trust, said:
“Bitcoin Investment Trust (BIT) shares have been assigned a temporary ticker symbol by FINRA in connection with approval of the Form 15c-211 filed by the BIT’s market maker. The permanent ticker symbol will be GBTC and is expected to be effective shortly.”

This post was published at Coin Desk on March 2, 2015.