BIT set to develop into the first publicly traded bitcoin fund

Bitcoin Investment Trust, introduced by Barry Silbert is set to develop into the first publicly traded bitcoin fund.

The BIT was launched in 2013, starting as a fund for investors with incomes ranging from $200,000 up to those having assets of more than $1 million.

A publicly traded bitcoin investment fund is required for the worldwide acceptance of digital currencies. Supporters of bitcoin encourage a broader base of investment through regulated funds. Liquid trading of bitcoin is expected to balance its highly unstable price fluctuations and make it attractive as a means for online payments and value transfers.

Digital Currency Group stated, "Although we have been assigned a ticker symbol, no assurances can be given as to when or if such trading (of bitcoin) will commence, or that an active public secondary market for BIT shares will develop or be maintained."

Shares of BIT are worth approximately one-tenth of a bitcoin, each. The fund's net asset value is seen at $24.43 per share.