The trust, which launched as a private fund for accredited investors in 2013, is not technically an exchange-traded fund (ETF). To speed up the process of approval, the BIT has made use of a legal loophole that enables public fund holders to sell their shares after a 12-month period.
It is also possible that a publicly traded fund like the BIT could have the same effect on the price of bitcoin as the SPDR Gold ETF had on the spot price of gold.
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