Cameron and Tyler Winklevoss, who misspelled Gandhi on a PowerPoint at the last Bitcoin conference, have decided to bring some precision to the rough-and-tumble world of cryptocurrency. Today they launched a Bitcoin version of the S.&P. 500 called WinkdexSM "to reflect the accurate price of Bitcoins."
According to the press release:
Winkdex will also be used to price the value of the assets held by the Winklevoss Bitcoin Trust which, once approved, will be the first exchange-traded fund for bitcoins reviewed by the Securities and Exchange Commission. Winkdex was also disclosed in today's amended registration statement that was filed with the SEC.
The SEC filing was sponsored by their company Math-Based Asset Services and they're being represented by Katten Muchin Rosenman, a law firm that Dealbook says has "helped shepherd some of the most popular E.T.F.'s through the regulatory process."
The new Winkdex will put the brothers in competition with a growing number of companies providing data on the virtual currency industry. The most popular index for the price of a Bitcoin is operated by CoinDesk, a news and information website.
CoinDesk's Bitoin [sic] Price Index is compiled using prices from two different virtual currency exchanges. Until last week it also used the price from a third, Mt. Gox, but that was removed from the index after the exchange suspended customer withdrawals.
With Mt. Gox crumbling and an altcoin scam around every corner, Bitcoin could certainly use some sure-footing, but Winklevii never seemed to graduate past that "first they laugh at you" stage. The founder of BitInstant, the last Bitcoin startup the Winklevoss twins invested in, was indicted for money laundering.
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