The Bitcoin Investment Trust (BIT) has raised an estimated $65 million in digital currency after its September launch, founder and SecondMarket Chief Executive Officer Barry Silbert said on Wednesday. This was according to a report published by NDTV.
BIT is a fund established to offer Bitcoin exposure to investors. Silbert said the fund presently has 90 investors including private family investment companies and hedge fund traders. He explained the BIT's structure as similar to an electronically-traded fund. However, Silbert said it will not be publicly-traded for several more years, the report stated.
Mt. Gox, a firm that allows users to trade Bitcoins for dollars or other currencies, listed the digital currency's price at $920 per unit. On November 11, the company pegged the Bitcoin's value at $361, the report detailed.
To qualify as a BIT investor, individuals have to provide proof that they have at least $1 million net worth, said the report. This amount does not count primary residence. Potential investors can also prove that their annual incomes are more than $200,000. The BIT's minimum buy-in price is $25,000, NDTV reported.
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