AP Photo/Rick Bowmer

Bitcoin Investment Trust has doubled its proposed IPO size from $500 million to $1 billion, per a Thursday afternoon regulatory filing.

Why it matters: This is a public market mainstreaming of bitcoin exposure, basically acting as an ETF that will reflect the cryptocurrency's value. By doubling the target to a whopping $1 billion, BIT managers are signaling their belief in widespread demand. Also voicing confidence are established financial firms Credit Suisse, KCG Americas and Wedbush Securities, which signed on as authorized participants (i.e., liquidity providers).

But: Just two months ago the SEC shot down a proposed bitcoin ETF that would have been managed by the Winklevoss twins, arguing that major bitcoin markets are particularly prone to price manipulation due to a lack of overseas regulation. BIT is betting that the SEC will view it more positively, both because of a slightly different structure and the fact that it already is publicly-traded on the OTC.

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Updated 37 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.

Republicans and Dems react to Coney Barrett's Supreme Court confirmation

President Trump stands with Judge Amy Coney Barrett after she took the constitutional oath to serve as a Supreme Court justice during a White House ceremony Monday night .Photo: Tasos Katopodis/Getty Images)

President Trump said Judge Amy Coney Barrett's Senate confirmation to the Supreme Court and her subsequent taking of the constitutional oath Monday was a "momentous day," as she she vowed to serve "without any fear or favour."

  • But as Republicans applauded the third conservative justice in four years, many Democrats including Speaker Nancy Pelosi (Calif.) warned of consequences to the rush to replace the late Justice Ruth Bader Ginsburg ahead of the Nov. 3 election, with progressives leading calls to expand the court.
Ina Fried, author of Login
1 hour ago - Science

CRISPR pioneer: "Science is on the ballot" in 2020

Photo: "Axios on HBO"

In her three decades in science, Jennifer Doudna said she has seen a gradual erosion of trust in the profession, but the recent Nobel Prize winner told "Axios on HBO" that the institution itself has been under assault from the current administration.

  • "I think science is on the ballot," Doudna said in the interview.

Why it matters: That has manifested itself in everything from how the federal government approaches climate change to the pandemic.

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