Bitcoin fund raises RM209 million after first two months, founder says

bigbitcoin12 Dec 2013 / Malaysian Insider – A fund established to offer investors exposure to Bitcoin is holding around $65 million (RM209 million) in the digital currency after two months in operation, its creator, SecondMarket Chief Executive Officer Barry Silbert, said yesterday.

Silbert told a group of journalists at his company’s New York headquarters the fund, named the Bitcoin Investment Trust, has 90 investors, among them hedge fund traders and private family investment firms.

Using investor contributions and seed money of more than $2 million (RM6.4 million) from SecondMarket, the BIT, as it is known, has been buying Bitcoins from a wide array of sources, including exchanges, merchants and individual users. The fund is also buying the digital currency from “miners”, who are producing it by running programmes that interact with Bitcoin’s software to make new units of the currency…… Read more

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