First Bitcoin ETP to be launched

Tyler and Cameron Winklevoss, the brothers famous for suing Facebook founder Mark Zuckerberg after alleging he had stolen their idea, have unveiled their plans to float the world’s first Bitcoin trust fund.

The twins are planning on floating the virtual currency having filed paperwork with the United State Securities and Exchange Commission for an exchange traded product that will track Bitcoin.

The Winklevoss Bitcoin Trust is expected to initially sell $20m (£13m) worth of shares to investors.

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While Bitcoin’s value has jumped in recent months, the currency has been considered volatile and controversial. The USD price of a Bitcoin increased from just $13 at the start of the year, reaching more than $260 in April. But not without dropping – it dropped to $50 then rose to $100 in the succeeding months. It is currently valued at $86 to the dollar.

Messrs Winklevoss reportedly hold approximately $11m (£7.2m) of Bitcoins.