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Twins Unveil Bitcoin Trust Plans

Entrepreneurial twins Tyler and Cameron Winklevoss have revealed plans to float a Bitcoin trust, which will start by selling £13 million worth of shares to investors.

Bitcoin is a virtual currency, created by the application of a formula in a process referred to as 'Bitcoin mining', and is traded independent of monetary authorities.

Bitcoins are worth less than $90 each - a significant drop from the value of $260 three months ago.

The Winklevoss brothers said in their filing with the US Securities and Exchange Commission that shares in the trust are "designed for investors seeking cost-effective and convenient means to gain exposure to Bitcoins with minimal credit risk".

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