The founders of Gemini crypto exchange amended regulatory filing for their bitcoin ETF. Changes concern the place of listing, custodian of the ETF and procedure for valuing the Trust’s bitcoin.

Instead of Nasdaq, the bitcoin exchange traded fund will be listed on Bats BZX Exchange – one of the three American exchanges operated by BATS Global Markets company. There is no alteration to the exchange ticker so far – the Winklevoss ETF will trade under the ticker symbol COIN.

Experts suppose that the decision in favour of BATS Global Markets is driven by the fact that it is gaining popularity among newly launched ETFs. Besides, the exchange is known as technologically advanced. However, the main reason behind the brothers’ move may well be an attempt to change tactics and finally gain the approval of the Securities and Exchange Commission. Their previous application for a listing has been pending for as long as three years.

Amendments to the filing with the SEC also concern the designation of Gemini Trust Company (also owned by Winklevoss twins) as the custodian for the Trust’s bitcoins. Moreover, the new version of the filing states that these funds will be valued basing on the Gemini's bitcoin spot price as of 4 pm Eastern time.

According to the new version of the filing, the Winklevoss Bitcoin Trust will issue 1 million shares with the proposed maximum offering price of $65 per share while the previous version listed the price at $20.09.

In the case of approval, the Winklevoss Bitcoin Trust would be the first bitcoin ETF issued by a US regulatory body.

Winklevoss are major venture capital investors who, according to some rumours, own 1% of the whole bitcoin stock. Cryptocurrency exchange Gemini owned by them operates since October 2015 basing on a license from the New York State Department of Financial Services. In May 2016, Gemini became the first licensed ether exchange in the world. In the end of June 2016, Gemini announced its expansion to Great Britain, which becomes its third market for ether and bitcoin trading after the USA and Canada.

Nasdaq is an American exchange specialised in trading shares of high-tech companies.

BATS Global Markets is the second largest equities market operator in the USA.

Anna Lavinskaya