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How will it all work?

  • Futures are set to  begin trading 23rd September and actual Bitcoin can be acquired by going long in the one-day or 30-day contract and holding to delivery.
  • Custody of the coins will be handled by  Bakkt Trust Co., which received approval from the New York State Department of Financial Services last month to hold customer tokens.
  • The warehouse will then move Bitcoins from short positions to long positions at expiration, resulting in actual delivery of Bitcoin.
  • The warehouse has opened early  to allow customers to move Bitcoin in and out of their accounts to become comfortable with the process prior to Sept. 23.
  • According to a Bloomberg report  It’s rare in the futures world for a company to act as exchange, clearinghouse and settlement authority; this last part delayed ICE’s plans for months as it sought the NYDFS approval to become a trust.