New documents filed for the bitcoin exchange traded fund (ETF) sought by investors Cameron and Tyler Winklevoss reveal that the size of the offering has grown to $100m.

The years-long effort – delayed more than once by the US Securities and Exchange Commission (SEC) – is aimed at providing a means for investors to gain exposure to bitcoin without actually having to buy the digital currency.

The SEC is expected to make a decision on the Winklevoss Bitcoin ETF later this year, with its self-imposed deadline of 11th March inching closer. Speculation around the approval is such that at least one exchange has moved to offer a prediction market, letting traders bet on the possible outcome.

Documents submitted to the SEC on 8th February show that the planned offering has changed somewhat in scope.

For example, the size of the offering has increased, from $65m to $100m, as well as a boost in the number of shares being offered, from 1m shares to 10m shares. The filing goes on to indicate that the maximum offering price per share has been lowered, from $65 down to just $10.

Notably, the filing also features new language about the prospect of a network split following a software hard fork, or a backwards-incompatible change to bitcoin’s underlying code.

In that circumstance, the filing states, the ETF’s custodian will support the blockchain that has “the greatest cumulative computational difficulty for the forty-eight (48) hour period following a given hard fork”. During that 48-hour period, the creation or redemption of new ETF baskets will be suspended.

The filing goes on to state:

“If the Custodian, in consultation with the Sponsor, is unable to make a conclusive determination about which Bitcoin Network has the greatest cumulative computational difficulty after forty-eight (48) hours, or determines in good faith that this is not a reasonable criterion upon which to make a determination, the Custodian will support the Bitcoin Network which it deems in good faith is most likely to be supported by a greater number of users and miners.”

The new filing also includes other minor updates such as the companies that will act as authorized participants. These firms are Convergex Execution Solutions LLC, KCG Americas LLC and Virtu Financial BD LLC.

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