Grayscale Investments has filed to list its Bitcoin Investment Trust on the New York Stock Exchange in a $500 million initial public offering, according to documents submitted to the Securities and Exchange Commission on Friday. Shares of the trust, which presently trades over the counter, have been trading at a premium to the bitcoin price. The trust, which back in 2013 and exclusively invests in bitcoin, is one of the only options available to institutional investors wishing to gain exposure to the currency. The Bank of New York Mellon will serve as the transfer agent for shares of the fund, and Xapo Inc., a bitcoin wallet and vault company, will serve as custodian of the trust's bitcoins. The application comes as the SEC is mulling whether to approve two proposed bitcoin exchange-traded funds. If approved, they would be the first ETFs exclusively focused on bitcoin.
Continue Reading Below
Copyright © 2017 MarketWatch, Inc.