Barry Silbert Reveals Bitcoin Investment Trust Holds 100,000 Bitcoins

The Bitcoin Investment Trust (BIT) now holds more than 100,000 bitcoins, according to founder Barry Silbert.

AccessTimeIconApr 11, 2014 at 2:10 p.m. UTC
Updated Sep 11, 2021 at 10:38 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Bitcoin Investment Trust (BIT) now holds more than 100,000 BTC, according to Barry Silbert, CEO of SecondMarket and founder of the trust.

Silbert has big plans for the Bitcoin Investment Trust, which is expected to open for public investors sometime in the fourth quarter of 2014. For the time being, the trust is a private investment vehicle but once it opens to the general public, the fund is expected to attract a new breed of bitcoin investors.

believes the 100,000 mark is a big milestone for BIT, and it’s hard to argue otherwise. After all, this grand total amounts to almost $40m at press time.

— Barry Silbert (@barrysilbert) April 10, 2014

Slow progress

As it stands, Silbert’s BIT and the Winklevoss Bitcoin Trust are vying for the same market, both must overcome a number of hurdles. However, BIT appears to have an advantage: it is not an exchange-traded fund (ETF). Hence, Silbert does not need approval from the US Securities and Exchange Commission, but the Winklevoss twins do.

Tyler and Cameron Winklevoss filed their bitcoin investment fund with the SEC back in July 2013. Last month the Winklevoss' chief legal counsel Kathleen H Moriarty told CoinDesk that the ETF should be approved by the end of the year.

White the BIT does not have to jump through SEC hoops, it does have to meet some unique requirements to remain exempt from the SEC approval process. Silbert explained the process and outlined his plans for BIT expansion in an interview with CoinDesk two weeks ago.

Reshaping the bitcoin investment landscape

Silbert’s Bitcoin Investment Trust, the Winklevoss Bitcoin Trust and the Pantera Bitcoin Partners fund could change the way people invest in bitcoin, but more importantly they could change the way investors feel about the currency.

These organisations are not designed with speculators in mind, however. Bitcoin investment funds are going after traditional investors who do not have a habit of entering unregulated markets and investing in speculative investment vehicles.

It is still too early to say whether these funds can broaden the investor base and make digital currencies more appealing in traditional circles. Regardless of how much traction they get, they are likely to improve public perception among many who are reluctant to enter the niche.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.