Bitcoin fund raises $65m in two months

City A.M. Reporter
A FUND established to offer investors exposure to Bitcoin is holding around $65m (£39.7m) in the digital currency after two months in operation, its creator, SecondMarket chief executive officer Barry Silbert, said yesterday.

Silbert said the fund, named the Bitcoin Investment Trust (BIT), has 90 investors, among them hedge fund traders and private family investment firms. The BIT has been buying Bitcoins from a variety of sources, including exchanges, merchants and individual users. The fund is also buying the digital currency from “miners,” who are producing it by running programs that interact with Bitcoin’s software to make new units of the currency. One Bitcoin is currently worth $920 on MtGox.