Bitcoin’s status as an investment is thought of as shaky to say the least, but now the brothers Winklevoss have announced their plan to turn its reputation around. reports the pair have filed documents to the Securities and Exchange Commission (SEC) for the establishment of the Winklevoss Bitcoin Trust, the world’s first Bitcoin-related ETF (exchange-traded fund). 

Strange timing? 

According to notes released by the SEC, the ETF is “designed for investors seeking a cost-effective and convenient means to gain exposure to bitcoins with minimal credit risk” and due to start trading on the NASDAQ with an as yet undefined ticker. 
Bitcoin deposits will be stored by the fund in return for baskets of shares, but there is as yet no explicit release date for these to be made available on the Winklevoss’ Winkdex price index
Based on current sentiment, bearish investors are unlikely to be stirred by any offering, even one with the backing of a cautious SEC. Its remit further underlines the “significant risk” of investing in the shares, citing in bold type the results of poor handling on the part of investors or the trust itself: 
“The loss or destruction of a private key required to access a bitcoin may be irreversible. The Trust’s loss of access to its private keys or its experience of a data loss relating to the Trust’s bitcoins could adversely affect an investment in the Shares.” 
Nonetheless, Bitcoin’s appeal is unavoidably growing, and should the fund take off, a new “level of confidence” could be instilled in the community, NASDAQ notes. 
The SEC furthermore made headlines this week, issuing cautionary statements on Bitcoin investment following Erik Voorhees’ US$50,000 fine for alleged malpractice, and its tentative support for the Winklevoss initiative is intriguing.