PENSCO plans to expand bitcoin investments in IRAs
By SAUMYA VAISHAMPAYAN for MarketWatch
NEW YORK (MarketWatch) -- PENSCO, which currently allows clients to invest retirement funds in bitcoin through SecondMarket's Bitcoin Investment Trust, said Thursday it plans to expand the options available for investing in the virtual currency but didn't provide details. "Based on anticipated demand, we are continuing to look at additional ways in which PENSCO can help self-directed investors and advisors get exposure to bitcoin in tax-deferred accounts," said Kelly Rodriques, chief executive. One option would include allowing clients to establish a legal entity that would allow them to invest in bitcoin, the company said. "This would allow individuals to hold bitcoin as an investment, while also leveraging the tax-advantaged status of their IRA accounts," the statement said. PENSCO clients to date have invested more than $5 million in the Bitcoin Investment Trust.
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