Adding fuel to this speculation is the relative lack of education about digital currencies, as well as the continued issues faced by the bitcoin exchange sector, which remains plagued by breaches and security issues.
"Other Digital Asset ETPs may not be able to or willing to provide 'proof of control' of the private keys that control their bitcoin," the filing reads.
State Street has been tapped to help launch the first bitcoin exchange-traded fund (ETF).
Also noteworthy are other changes that address questions that have come up during the filing's still ongoing comment period.
The new documentation touts this as a benefit of the Winklevoss filing in comparison to other efforts that have sprung up to launch alternative bitcoin ETFs.
Cameron WinklevossExchangesState StreetTyler Winklevoss
For example, the filing indicates the ETF would use a "purpose-built" system to verify that the associated custodians hold control of the private cryptographic keys that would allow them to transition ownership.
In a new SEC filing, State Street is now listed as the administrator and transfer agent for the Winklevoss Bitcoin Trust, a proposed bitcoin ETF backed by investors Cameron and Tyler Winklevoss, the founders of the Gemini bitcoin exchange.
The effort picked up momentum earlier this summer when the Winklevoss brothers filed to move their application to the BATS exchange, a decision that has set off what has become an extended period of public comment.
According to the filing, State Street would be responsible for the "day-to-day administration of the Trust" when it is launched, as well as maintaining its books of account and calculating the Trust’s net-asset value (NAV), or the value per share of the offering.
While a step forward, the development comes amid a now years-long effort by the Winklevoss brothers to launch the ETF as a way to allow investors additional exposure to digital currency market movements.
Image via Flickr
Despite the advancements, however, market observers believe it could be years before any of the multiple proposed bitcoin ETFs goes live.
Analysis: What 2019 Could Bring for Bitcoin
Trading in altcoins was a big part of what made Bitcoin price spike towards the end of 2017. A section of the crypto space argues that while altcoins helped Bitcoin’s market cap swell, they also bro
Bitcoin Cash Going Down as Stellar Warms up
Bitcoin Cash’s market cap has been cut in half since the Nov. 15 hardfork which birthed the Bitcoin ABC and Bitcoin SV chains. Now at a mere $3.5 bln and a unit price of ~$201 as at the time of writ
300k User Data from Chinese Auto Finance Platform Sold For One Bitcoin on Dark Web
It is revealed that 300,000 pieces of user data from a Chinese auto finance platform Jiurong were compromised and priced at one bitcoin on the dark web.
According to the leaked data posted, persona
Heyday of Bitcoin Mining Rigs Business at China’s Huaqiangbei is Over Amid Crypto Market Carnage
Bitcoin price slumped to a 13-month low of about $4,300 on Wednesday, making mining the world’s leading digital currency an unprofitable business. A lot of mall miners, mining rigs dealers and minin
Dialogue with Bitcoin Evangelist in Latin America: RSK Labs CEO Diego on Crypto Industry
Diego Gutierrez is the CEO at Koibanx and president of Bitcoin Argentina NGO. In addition, Diego also serves as the CEO of Rootstock/RSK Labs, a smart contract platform built on top of bitcoin.
China’s Bitcoin Billionaire Zhao Dong : Bitcoin Price to Hit $50,000 in Three Years—Now Is the Time to Buy the Dip
Despite Bitcoin’s latest crash and a real chance that its price will go much lower, Zhao Dong, prominent Chinese OTC trader and founder of Dfund, remains bullish on the the world’s biggest cryptoc
Bitcoin Miners Sold by Kilo in China Amid Cryptocurrency Crash
The leading cryptocurrency bitcoin once fell below $4,300 on the afternoon of November 20 – down more than 17% on a 24-hour basis and hitting a 13-month low since October 2017. Great losses are seen
Xiao Lei: 3 Main Reasons of the “Unreasonable” Bitcoin Price Crash
Cryptocurrency markets experienced a havoc in the past few days. Bitcoin, the uncrowned king in the crypto world, has fell as much as 30% over the past two weeks, while other major tokens are all suff