The brothers recently filed what is called an S-1 with the Securities and Exchange Commission, the most commonly used form for a company that wants to go public. They have created the Winklevoss Bitcoin Trust, which will issue Winklevoss Bitcoin Shares, which represent units of fractional undivided beneficial interest in and ownership of the Trust.
Proceeds received by the Trust from the issuance and sale of Baskets, including the Seed Baskets and the Shares, will consist of Bitcoin deposits. Pursuant to the Trust Agreement, during the life of the Trust such proceeds will only be (1) held by the Trust, (2) distributed to Authorized Participants in connection with the redemption of Baskets, or (3) disbursed to pay the Sponsor’s Fee or sold as needed to pay the Trust’s expenses not assumed by the Sponsor.
There are almost 60 risks listed in the Risk section.
The registration statement makes fascinating reading.