Notable bitcoin investors Tyler and Cameron Winklevoss made headlines last week when they filed an initial registration for a bitcoin ETF. Each of the one million initial shares would represent 0.2 BTC, or a total of approximately $15 million of net asset value at current BTC exchange rates. The planned ETF has been the subject of heavy criticism since the filing, but nearly all of the objections have been related to investing in bitcoin as an asset class, rather than the new instrument introduced by the Winklevoss Bitcoin Trust. Upon deeper analysis, it’s clear that a financial product like the …
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