Winklevoss Bitcoin Trust, which was designed to operate similarly to electronic exchange trading, is set to open its doors and make an initial offering of $20 million worth of shares. The purpose for the sale of the shares is to get to investors who are "seeking a cost-effective and convenient means to gain exposure to Bitcoins with minimal credit risk".
Bitcoins is commonly known as a form of electronic money. The difference with the common forms of exchange is that Bitcoins are not managed by the government or any single company. They are "mined" by software which runs a set of algorithms in which their release is tightly monitored and controlled. This mimics the central banking system as it pertains to the minting of money.
The Winklevoss Twins, who were made famous because of their feud with Facebook founder Mark Zuckerberg, have amassed something in the area of $11 million worth from Bitcons, based on reports from the New York Times published last April.
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