Winklevoss twins set to launch fund based on virtual currencies

THE WINKLEVOSS twins, the former Olympic rowers who gained notoriety after claiming Mark Zuckerberg stole their idea for Facebook, yesterday unveiled plans to float an investment fund based on Bitcoin.

The Winklevoss Bitcoin Trust, which will work in the same way as an exchange traded fund, will initially offer $20m (£13m) of shares.

Each share will be equivalent to a fraction of a Bitcoin and will enable investors to speculate on the value of the virtual currency, which has fluctuated wildly during 2013.

After starting the year at $13 it quickly rose to $266 before crashing down to around $100.

The prospectus says the shares will appeal to investors “seeking a cost-effective and convenient means to gain exposure to Bitcoins with minimal credit risk”.

Reports earlier this year suggested Cameron and Tyler Winklevoss, 31, had bought around $11m worth of Bitcoins shortly before the crash.