In an attempt to expedite the launch of the first Bitcoin exchange traded fund, Cameron and Tyler Winklevoss have named State Street as the administrator of the proposed fund.
According to an amended filing with the SEC, State Street will provide the fund administration and accounting services for the proposed Winklevoss Bitcoin Trust ETF (BATS: COIN), including calculating the bitcoin trust’s net asset value.
The ETF custodian, Gemini Trust Company, will also perform monthly “proof of control” exercises and publish the reports on the ETF’s website. An independent audit firm will verify that the custodian can demonstrate proof of control of the private keys that control the Trust’s on a monthly basis.
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Gemini has been slowly accumulating bitcoins in anticipation of the launch. Gemini’s daily auction and its ongoing expansion have increased the company’s bitcoin market share to about 9% of all U.S. dollar-denominated exchange-traded bitcoin volume, Fortune reports.
Bitcoin has come under fire in recent years as a number of high profile hacks on the cryptocurrency caused millions of dollars worth of stolen bitcoins. The proof of control may be a way for the the Trust to help safeguard against cyber attacks that could result in loss of assets.