Winklevoss brothers choose State Street Corp. to launch Bitcoin ETF

posted about 3 years ago
Entrepreneurs Cameron and Tyler Winklevoss chose State Street Corp. to help them launch a new exchange-traded fund based on the virtual currency bitcoin, according to a regulatory filing Tuesday.

The twin brothers are hoping the Securities and Exchange Commission approves their new fund, the Winklevoss Bitcoin Trust, after a process that has already gone on for more than three years.

In its latest filing, a seventh amendment to its original filing, the brothers said State Street, based in Boston, would serve as transfer agent, while San Francisco-based Burr Pilger Mayer will act as auditor.

The transfer agent acts as a fund’s administrator, responsible for recording ownership changes, calculating the daily net asset value, and maintaining records.

Burr Pilger Mayer will conduct monthly “proof of control” exercises, essentially an audit to show that all the bitcoin reported as being held by the fund are legitimate.

The exercise will be carried out by Gemini, the Winklevoss’s exchange and trust company that will act as the ETF’s custodian, and results will be verified by Burr Pilger Mayer.
Tags: bitcoin, news