#second market

[cointelegraph-blog]

Bitcoin Trust Wins Majority of US Marshal Auction, Tim Draper Gets the Rest: http://dlvr.it/7mkQHp

[news-canada]

VIDEO: Second Market Outbid In U.S. Marshals Bitcoin Auction

VIDEO: Second Market Outbid In U.S. Marshals Bitcoin Auction

Second Market, one of the more prominent bidders in the U.S. Marshals bitcoin auction, on Monday said it was outbid in its attempts to buy some of the nearly 30,000 coins sold late last week. On Friday, the U.S. Marshals Service auctioned off about 30,000 bitcoins seized during a raid on Silk Road, an Internet black-market bazaar where authorities say illegal drugs and other goods could be…

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[adamdicker]

Second Market to Create A Stand Alone Bitcoin Exchange

Second Market to Create A Stand Alone Bitcoin Exchange

By: Raymond Hackney

Fortune is out with a story that SecondMarket will create a separate company that will include a New York based exchange.  Second Market is known for the buying and selling of illiquid assets, many quoted Second Market for a price on Facebook while it was still private and waiting to go public.

From the article:

FORTUNE — SecondMarket is spinning out its Bitcoin activities…

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[fiexe-blog]

[parkparadigm]

From the perspective of Mr. Silbert and his peers, Facebook’s success in trading on those exchanges represents a new era in capital formation, where companies will stay private longer and shareholders will not wait for an I.P.O. to take money off the table. While no private Internet company can fill the hole Facebook will soon leave, the exchanges hope a deluge of smaller companies will eventually fill the gap. Mr. Silbert has also moved to transform SecondMarket — which also facilitates trading in other assets like bankruptcy claims — into a more mature exchange. It recently required companies that wanted to sell shares to submit financial information, including audited financial information and capitalization tables, for prospective investors. Mr. Silbert said the extra layer of transparency would be a great standard for the post-Facebook era, since it would help buyers feel more confident in their trades. The company says it has conducted transactions for 45 companies and is qualifying 200 additional companies.

Private Exchanges Losing Goose That Laid Golden Egg - NYTimes.com

Lots to say on this topic, might try to write it up on parkparadigm.com if I ever get the time...

Short version: agree with Barry that we are entering a "new era in capital formation" > the existing paradigm is ill-adapted to the Information economy, although the emergence of this new era will be slowed by the necessity to change legal and institutional frameworks (which happens more slowly than economic and technological change...)

[ideatrotter]

Barry Silbert, CEO of Second Market, talks about bringing value to startups that do not want to go public. 

[gbattle]

PIMCO boss Mohamed El-Erian was interviewed over at Reuters HQ this morning, as part of a public Newsmakers series. I’m not there, but was interested in a recent report that PIMCO shares were trading on SecondMarket. So I put the question up on Twitter, and Reuters blogger Felix Salmon picked up my slack. El-Erian acknowledged that such shares are indeed trading – he called it “shadow equity -- but only PIMCO employees are allowed to buy and/or sell (he’s a buyer, natch). Interesting new use for the platform…

Dan Primack reports for Fortune.

If people thought Second Market was only for high-flying consumer facing internet plays, think again.  When hedge funds, private equity funds and individual account managers like PIMCO start trading their management company shares on Second Market, your eyebrows should naturally jump into the stratosphere.