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Top of the Morning
Bitcoin Investment Trust, founded by Barry Silbert, has filed for a $500 million IPO. It plans to trade on the NYSE Arca under ticker symbol GBTC. No banks are listed. In its S-1, the group says its investment objective is for its shares "to reflect the performance of the value of a bitcoin as represented by the Index, less the Trust's liabilities and expenses."
Why it's the BFD: This is basically a public market mainstreaming of bitcoin exposure, as Silbert's trust previously was issuing shares via 506(c) private placements. More importantly, it comes at a complicated time for the cryptocurrency. On the one hand, bitcoin values ― while still volatile ― have mostly risen for the past year. On the other, hacking and other cybersecurity concerns have never been more omnipresent, and much investor and financial services interest in blockchain technologies seems to have moved beyond bitcoin.
Bottom line: "Best part of having invested in 19 bitcoin exchanges around the world is we get to see their monthly volumes. Folks, it is happening." ― Barry Silbert