A former Wall Street investment banker and prominent supporter of cryptocurrencies, Silbert's role in the world of digital coins was the subject of a Reuters special report last month. "We look forward to speaking with Merrill Lynch and addressing any questions or concerns they have about the Bitcoin Investment Trust," Silbert told Reuters in an email. Shares in Bitcoin Investment Trust jumped over 1,550 percent last year, more than the 1,300 percent plus gain of bitcoin. The fund was created for investors seeking exposure to bitcoin and trades "over the counter" in less formal exchanges than those used for typical stocks Before last month's ban, clients of Merrill Lynch's brokerage and Merrill Edge were able to buy stakes in Bitcoin Investment Trust, which trade at a fraction of a bitcoin. The digital currency is currently valued at around $15,000.Merrill Lynch brokerage clients with historic positions in the Bitcoin Investment Trust fund can maintain them, but clients with fee-based advisory accounts have to sell their holdings, according to the memo.

Source: Economic Times January 04, 2018 00:45 UTC