In a sign of growing interest in bitcoin in the U.S., a group of investment investors are planning to launch a bitcoin exchange-traded fund.
The bitcoin fund, which is set to be launched in 2018, will be managed by a group that includes people who have invested in bitcoin.
The Bitcoin Investment Trust (BIT), a non-profit group that has also raised funds to buy real estate for real estate investors, has signed on to manage the fund.
“Bitcoin is not just a digital currency.
It is an investment vehicle that is also backed by the blockchain technology that underpins bitcoin,” said Paul Sztorc, co-founder of BIT.
“It’s very important to understand the blockchain, the underlying technology that enables it to work and what it can mean for real property markets and the way we value assets.”
The bitcoin exchange traded fund will have a total of $20 million in assets under management.
BIT says it will use a mix of cryptocurrencies such as bitcoin, ethereum and litecoin, with a view to building a fund that would grow in value over time.
The group says it wants to make bitcoin an attractive investment option to a wider range of investors.
“The bitcoin ecosystem is growing exponentially.
This is going to allow us to expand our portfolio of assets in the space and to develop our expertise and understanding of the technology,” Sztorf said.
The Bitcoin Investment Fund is the first bitcoin ETF in the world.
It has a price target of $15,000.
The group is looking to raise another $15 million through a secondary market.