New investment vehicle launched for bitcoin investors
NEW YORK (AFP) - Bitcoin on Thursday got a lift with the arrival of a new investment vehicle that lets wealthy and professional investors bet on the virtual currency.
SecondMarket, a New York-based investment platform that specialises in alternative ventures, began accepting investors in its Bitcoin Investment Trust, a private investment vehicle that will purchase the virtual currency, store it in a virtual safe of sorts and allot new shares of stock to shareholders as they buy in.
The fund kicked off with seed investment of US$2.25 million (S$2.82 million) from SecondMarket, which specialises in alternative investments. Mr Mark Murphy, a SecondMarket spokesman, said the fund had heard from financial professionals, technology figures, gold enthusiasts and others.
"There's really high interest," said Mr Murphy, who said there is no goal as far as the size of the fund. The fund's arrival comes as investors look for new ways to bet on the four-year old currency, increasingly used to make payments in online transactions.