The irrepressible Winklevoss twins filed an amendment to the S-1 for their bitcoin ETF (proposed last year) that will derive its value from an index called, rather improbably, the Winkdex.
The Winklevoss Bitcoin Trust
This is how the ETF, the first to be publicly traded on public stock exchanges for Bitcoins, will work as per the filing:
“The Trust values its bitcoins by reference to the Winkdex spot price. The Winkdex spot price is the value of Winkdex calculated at 4:00 p.m. New York time on each Evaluation Day. Math-Based Asset Index, LLC (“Index Provider”) developed, calculates and publishes Winkdex on a continuous basis using a patent-pending mathematical formula developed for such purpose. The formula provides a volume-weighted, exponential moving average market...
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