FIRST BITCOIN CAP COM NPV (OTCMKTS:BITCF) Looks Like A Nice Short Term Entry

We’ve covered a few bitcoin companies over the last couple of weeks. The space is heating up on the back of the digital currency posting fresh highs, and looking like it's going to run further near term (on some derivative exchanges BTC is priced as high as $1,400 a piece). When this happens, and as we've noted on numerous occasions, wider markets start to take notice of the sector, and the opportunistic seek an exposure to the run.There aren’t that many available (without buying bitcoin directly) and the recent ETF decline from the SEC has compounded this lack of direct potential exposures. Said SEC decline is up for review, but it could be a while before anything comes of it, and for now, traders are limited to a handful of publicly traded entities.One of which is FIRST BITCOIN CAP COM NPV (OTCMKTS:BITCF).Last time we looked at First Bitcoin, the company had just launched its Chinese cryptocurrency exchange and was offering a sort of hedge asset against the potential hard fork in the space. We're not going to go into this here – suffice to say that the offering was a really nothing more than a marketing ploy, but that we thought it was a pretty smart one.Since this event, First Bitcoin has put out a couple of fresh releases, so let's update our thesis.The first relates to an expansion on the hard fork offerings. There's a lot of uncertainty in the bitcoin spec right now as to whether a hard fork will be implemented, and if it is what it will look like and what impact it might have on the respective value of the resulting assets. First Bitcoin has basically taken every potential outcome and created an altcoin that represents each. Traders that bet one one outcome can buy the outcome that represents their expectations and then cash in when/if a hard fork happens in line with their (and it's nothing more than this right now) guess.The second, and the more interesting in our view, is the company's decision to set up as an underwriter of initial coin offerings (ICOs). As their name suggests, the concept of an ICO is similar to an IPO, but coins are issued in place of shares. A company holds an ICO to raise development capital, and as the company matures and increases in value, so does its representative coin. It’s a nice idea, and one that's taking off, but as with anything, it's ripe for neglect.First Bitcoin is offering to underwrite ICOs, and basing its decision as to whether it will underwrite a particular ICO on a vetting process. The idea is that the company's vetting process will add a degree of reliability to the company's that are ICOing, and that this should help coin traders differentiate between the real deal and a scam.Again, this is a pretty smart idea, but at this stage, it's nothing more than a(nother) marketing soundbite. We're going to have to wait until the company serves up some more information as to what the vetting process involves, and develops a track record of underwriting reliable ICOs, before we can speculate as to what long term impact this move will have on the company's valuation.With that said, there's no shame in a marketing ploy, and especially in a hot space like this when you're one of the few exposures available to traders. If First Bitcoin can maintain a stream of news detailing advances and can pick up some clients for its exchange of the back of this move, then it's done its job, and could be a nice quick turnaround position.We're still not convinced of this one as a long-term holding. It's Caveat Emptor right now on OTC, and that's a bit of a red flag. As an in and out position on any news driven run, however, it's well worth a look.We will be updating our subscribers as soon as we know more. For the latest updates on BITCF, sign up below!Disclosure: We have no position in BITCF and have not been compensated for this article.