“Putting bitcoin in an ETF wrapper is pushing the envelope for regulators to figure out if it will be a currency or commodity in the context of an investable product. The recent IRS ruling classified Bitcoin as real property similar to a commodity,” added LaValle.
COIN is, slowly, advancing toward debut as the first ETF offering exposure to a virtual asset. Although the process has been slow, there a signs COIN will eventually become a reality. As Eric Balchunas writes for Bloomberg, positive signals include the updated filing with the COIN ticker and the February creation of the Winkdex, which will be used to price the value of assets held by the trust.
“The twins’ choice of lawyer, Kathleen Moriarty, works in COIN’s favor. She’s helped just about every issuer from iShares to WisdomTree bring new and different ETFs to market. She worked with the SEC and drafted the prospectus to get the SPDR S&P 500 Trust (NYSEArca: SPY) launched in the early ‘90s,” writes Balchunas.
Tom Lydon’s clients own shares of GLD and SPY.