Officials from the prominent US regulator met with Tyler and Cameron Winklevoss last month to discuss their proposal for an ETF based on the crypto-currency, according to a brief memo on the meeting that was posted on the SEC's website.

Twins who filed an application with the US Securities and Exchange Commission to launch a bitcoin-based exchange-traded fund will know within days whether they have won approval.

The decision is expected to come as the price of bitcoin continues to surge, reaching a record-high of $1,290.13, exceeding the value of an ounce of gold. 

Officials from the prominent US regulator met with Tyler and Cameron Winklevoss last month to discuss their proposal for an ETF based on the crypto-currency, according to a brief memo on the meeting that was posted on the SEC's website. A decision is due by 11 March. 

The 35-year-old twins are seeking to trade the security on the Bats BZX Exchange.

An approved ETF would make bitcoin investing more accessible for small traders and institutions alike, and could boost the digital currency even further. Some $300 million could flow into a bitcoin ETF in its first week, Spencer Bogart, head of research at venture capital investor Blockchain Capital, reportedly said in an interview.

Bitcoin has gained 28 per cent this year, as investors have worried about geopolitical uncertainties and speculated on a more lax regulatory regime under Donald Trump's presidency. 

But bitcoin continues to face infrastructure issues, which could deter more traditional investors from pouring cash into an instrument that tracks the movement of it. 

Last year, the price of bitcoin plummeted after hackers stole around $65 million worth of the digital currency from Hong Kong-based exchange platform Bitfinex. The theft revived concerns about the security of bitcoin.

This publication will continue to monitor the progress on the approval of the twins' bitcoin ETF and will update coverage accordingly.