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Winklevoss twins plan $20 million Bitcoin IPO

Winklevoss twins: Winklevoss Bitcoin Trust is designed to operate like an exchange-traded fund. The Winklevoss twins have reportedly amassed $11 million in Bitcoins.

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Cameron (L) and Tyler Winklevoss in Boston, Mass. A U. S. Appeals Court ruled in 2011 that the brothers cannot back out of a settlement with giant social networking firm Facebook over claims that CEO Mark Zuckerberg stole their idea.

REUTERS/Adam Hunger/Files

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The Winklevoss twins, who famously alleged that Facebook Inc founder Mark Zuckerberg stole their website idea, have revealed plans for an IPO that will give investors exposure to the value of digital currency Bitcoins.

Winklevoss Bitcoin Trust, which is designed to operate like an exchange-traded fund, will initially sell $20 million worth of shares, with each share worth a fraction of a Bitcoin, a filing with the Securities and Exchange Commission showed on Monday.

The shares are aimed at investors "seeking a cost-effective and convenient means to gain exposure to Bitcoins with minimal credit risk," the prospectus reads.

 

Bitcoins are a form of electronic money that is not managed by a single company or government. They are "mined" by software running a set of algorithms and their release is tightly controlled, mimicking a central banking system's control over the minting of money.

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