Grayscale
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SEC Confirms Grayscale’s Application to Convert Digital Large Cap Fund into ETF
Two weeks after Grayscale submitted its application to convert
the Grayscale Digital Large Cap Fund (GDLC) into an ETF, the Securities and Exchange Commission (SEC) confirmed the filing.
Grayscale now faces a wait of several more months for feedback from the SEC.
Grayscale Nears Launch of Multi-Asset Crypto ETF
On October 29, the SEC acknowledged the application to convert the Digital Large Cap Fund (GDLC) into an ETF. The GDLC manages assets like Solana and XRP, which the SEC classifies as securities.
This confirmation brings Grayscale closer to launching the first multi-asset crypto ETF. According to the SEC, a decision on the application will come within 45 to 90 days.
Meanwhile, the US will determine its new president in less than a week.
A Trump victory could lead to significant changes, including the potential replacement of SEC Chairman Gary Gensler. Industry experts believe that if Trump wins, altcoin-related ETFs could receive approval more easily.
Two weeks ago, when Grayscale filed the application to convert GDLC into an ETF, the fund traded at a significant discount of over 30%.
This discount has now narrowed to 17%. The narrowing discount indicates investor optimism about the potential approval of the GDLC ETF.
As reported by BeInCrypto, on October 15, Grayscale filed a Form 19b-4 with the SEC, requesting the conversion of the Grayscale Digital Large Cap Fund (GDLC) into a new ETF.
The Grayscale Digital Large Cap Fund (GDLC) allows investors to gain exposure to leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Avalanche (AVAX).
Bitcoin and Ethereum make up 94% of the fund, which currently manages over $558 million in assets.
Additionally, VanEck, 21Shares, and Canary Capital have filed several applications to list other spot ETFs related to assets such as Solana, XRP, and Litecoin.
#SEC #Grayscale #BinanceBlockchainWeek #USADPSurges #16thBTCWhitePaperAnniv $BTC $ETH $BNB
Two weeks after Grayscale submitted its application to convert
the Grayscale Digital Large Cap Fund (GDLC) into an ETF, the Securities and Exchange Commission (SEC) confirmed the filing.
Grayscale now faces a wait of several more months for feedback from the SEC.
Grayscale Nears Launch of Multi-Asset Crypto ETF
On October 29, the SEC acknowledged the application to convert the Digital Large Cap Fund (GDLC) into an ETF. The GDLC manages assets like Solana and XRP, which the SEC classifies as securities.
This confirmation brings Grayscale closer to launching the first multi-asset crypto ETF. According to the SEC, a decision on the application will come within 45 to 90 days.
Meanwhile, the US will determine its new president in less than a week.
A Trump victory could lead to significant changes, including the potential replacement of SEC Chairman Gary Gensler. Industry experts believe that if Trump wins, altcoin-related ETFs could receive approval more easily.
Two weeks ago, when Grayscale filed the application to convert GDLC into an ETF, the fund traded at a significant discount of over 30%.
This discount has now narrowed to 17%. The narrowing discount indicates investor optimism about the potential approval of the GDLC ETF.
As reported by BeInCrypto, on October 15, Grayscale filed a Form 19b-4 with the SEC, requesting the conversion of the Grayscale Digital Large Cap Fund (GDLC) into a new ETF.
The Grayscale Digital Large Cap Fund (GDLC) allows investors to gain exposure to leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Avalanche (AVAX).
Bitcoin and Ethereum make up 94% of the fund, which currently manages over $558 million in assets.
Additionally, VanEck, 21Shares, and Canary Capital have filed several applications to list other spot ETFs related to assets such as Solana, XRP, and Litecoin.
#SEC #Grayscale #BinanceBlockchainWeek #USADPSurges #16thBTCWhitePaperAnniv $BTC $ETH $BNB
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Update on the Decentralized AI Fund of #Grayscale
The fund launched in July with 5 projects: Near, Bittensor, Filecoin, Render, The Graph.
* Grayscale manages client assets through the fund, investors buy shares in the fund, and Grayscale manages, charges management fees, and operates the fund.
The fund has cash flow concentrated on 3 top projects: $NEAR $TAO $FIL. Number 1 and number 2 alternately change.
Not only considering the scope of the fund but also outside the market, NEAR and TAO are also 2 AI projects recognized for high trading volume:
$NEAR :
- Current price: $4.25
- Market capitalization: 5.18 billion USD
- All-time high (ATH): $20.44
- All-time low (ATL): $0.527
- 24h Volume: 269 million USD
- Circulating supply: 1.217 billion tokens (100% of total supply)
$TAO :
- Current price: $497.3
- Current market value: 3.67 billion USD
- All-time high (ATH): $757.6
- All-time low (ATL): $30.83
- 24h trading volume: 146 million USD
- Circulating supply: 7.38 million tokens (35.1% of total supply)
Many may have missed out on TAO because it increased after Grayscale launched another new investment fund in August; the performance of $NEAR fomo according to the above news is still quite poor, I think it needs accumulation time. These two are likely to go hand in hand.
The fund launched in July with 5 projects: Near, Bittensor, Filecoin, Render, The Graph.
* Grayscale manages client assets through the fund, investors buy shares in the fund, and Grayscale manages, charges management fees, and operates the fund.
The fund has cash flow concentrated on 3 top projects: $NEAR $TAO $FIL. Number 1 and number 2 alternately change.
Not only considering the scope of the fund but also outside the market, NEAR and TAO are also 2 AI projects recognized for high trading volume:
$NEAR :
- Current price: $4.25
- Market capitalization: 5.18 billion USD
- All-time high (ATH): $20.44
- All-time low (ATL): $0.527
- 24h Volume: 269 million USD
- Circulating supply: 1.217 billion tokens (100% of total supply)
$TAO :
- Current price: $497.3
- Current market value: 3.67 billion USD
- All-time high (ATH): $757.6
- All-time low (ATL): $30.83
- 24h trading volume: 146 million USD
- Circulating supply: 7.38 million tokens (35.1% of total supply)
Many may have missed out on TAO because it increased after Grayscale launched another new investment fund in August; the performance of $NEAR fomo according to the above news is still quite poor, I think it needs accumulation time. These two are likely to go hand in hand.
#SEC must review the request of #ETF of #bitcoin of #Grayscale , confirms court
Initially, the SEC had rejected the request, but the court considered that this action was "arbitrary and capricious."
On October 13, the US Securities and Exchange Commission (SEC) decided not to appeal the court ruling ordering it to review Grayscale's bitcoin spot ETF application. Today, 10 days later, the corresponding Court confirms that, as a consequence of this lack of appeal, the SEC must comply with the measure.
The text of the judicial statement is brief and precise. It consists of a single sentence: "In accordance with the ruling of August 29, 2023, and in accordance with Federal Rule of Appellate Procedure 41, this constitutes the formal mandate of this court"
$BTC $ETH $BIFI
Initially, the SEC had rejected the request, but the court considered that this action was "arbitrary and capricious."
On October 13, the US Securities and Exchange Commission (SEC) decided not to appeal the court ruling ordering it to review Grayscale's bitcoin spot ETF application. Today, 10 days later, the corresponding Court confirms that, as a consequence of this lack of appeal, the SEC must comply with the measure.
The text of the judicial statement is brief and precise. It consists of a single sentence: "In accordance with the ruling of August 29, 2023, and in accordance with Federal Rule of Appellate Procedure 41, this constitutes the formal mandate of this court"
$BTC $ETH $BIFI
Good news for Bitcoin enthusiasts! After 77 consecutive days of outflows, Grayscale's Bitcoin ETF (GBTC) has finally seen a reversal, with inflows resuming. This could signal a renewed interest in Bitcoin as an investment asset class.
#Bitcoin #GBTC #Grayscale #Cryptocurrency #altcoins
#Bitcoin #GBTC #Grayscale #Cryptocurrency #altcoins
(LookOnChain)
Mar 13 Update:
#Grayscale decreased 6,876 #BTC (-$500M) and currently holds 388,869 $BTC($28.28B).
#Blackrock added 11,871 $BTC(+$863M) and currently holds 215,626 $BTC($15.68B).
9 ETFs(Including #Grayscale) added 9,126 $BTC (+$663.7M).
Mar 13 Update:
#Grayscale decreased 6,876 #BTC (-$500M) and currently holds 388,869 $BTC($28.28B).
#Blackrock added 11,871 $BTC(+$863M) and currently holds 215,626 $BTC($15.68B).
9 ETFs(Including #Grayscale) added 9,126 $BTC (+$663.7M).
Grayscale and SEC met yesterday about the SPOT ETH ETF.
If you remember back in 2023 Grayscale had several final meetings with SEC about Bitcoin…
It looks like the same thing is happening. Most likely ETH ETF is also approved 💰
#TrendingTopic #ETF #Grayscale #crypto #dyor
If you remember back in 2023 Grayscale had several final meetings with SEC about Bitcoin…
It looks like the same thing is happening. Most likely ETH ETF is also approved 💰
#TrendingTopic #ETF #Grayscale #crypto #dyor
Grayscale CEO Sonnenshein Reacts to Jamie Dimon’s Views on Bitcoin!
Jamie Dimon, maintaining his long-term opposition to digital assets, argued that U.S. legislators should completely ban cryptocurrencies.Sonnenshein, in an interview on November 7th, opposed Dimon and stated that Bitcoin is considered a technological investment or a risk asset, and furthermore, cryptocurrencies are here to stay.The rally in Bitcoin was partially triggered by speculation about the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
Grayscale CEO Michael Sonnenshein countered the views of JPMorgan CEO Jamie Dimon on Bitcoin.
Sonnenshein Opposes Jamie Dimon’s View
At a time when Bitcoin comfortably exceeded the $40,000 level, JPMorgan CEO Jamie Dimon maintained his long-term opposition to digital assets, arguing that U.S. legislators should completely ban cryptocurrencies.
In response to this, Michael Sonnenshein, CEO of Grayscale Investments, opposed Dimon in an interview on November 7th, stating that Bitcoin is considered a technological investment or a risk asset, and moreover, cryptocurrencies are here to stay.
Emphasizing that traditional financial institutions need to adapt to and embrace new technologies like cryptocurrencies, Sonnenshein said, “Every executive, especially in the financial services space, will have their own views on new technologies, such as crypto or specifically bitcoin. But when you take a big step, it’s undeniable that this asset class is here to stay, and the investor interest in this asset class is only increasing.”
During a Senate appearance, Dimon criticized Bitcoin and other cryptocurrencies, advocating for the banning of these digital assets. The banking executive expressed concerns about the anonymity of Bitcoin and its sensitivity to criminal activities.
“I have always been deeply skeptical of crypto, bitcoin, etc. […] The only true use for this is criminals, drug dealers, money laundering, tax evasion. […] If I were the government, I would shut it down,” said Dimon.
Indeed, Sonnenshein acknowledged these concerns but remained steadfast in the belief that the cryptocurrency market will stay and emphasized the importance of considering investor needs by financial institutions.
Bitcoin Aims to Reclaim $44,000
Bitcoin is currently aiming to reclaim the $44,000 level and has been trading in a consolidative phase throughout the year. The rally in Bitcoin was partially triggered by speculation about the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
Grayscale Investments is among the organizations awaiting feedback from the SEC. Sonnenshein expressed optimism about the regulatory approval of the product and highlighted the increasing understanding among regulators, which could pave the way for the approval of a Bitcoin ETF.
As of the time of writing, Bitcoin was trading at $43,240 with daily losses of 0.20%. Notably, the leading cryptocurrency briefly reached the $44,000 level for the first time since April 2022.
#Grayscale $BTC #BinanceTournament
Grayscale CEO Michael Sonnenshein countered the views of JPMorgan CEO Jamie Dimon on Bitcoin.
Sonnenshein Opposes Jamie Dimon’s View
At a time when Bitcoin comfortably exceeded the $40,000 level, JPMorgan CEO Jamie Dimon maintained his long-term opposition to digital assets, arguing that U.S. legislators should completely ban cryptocurrencies.
In response to this, Michael Sonnenshein, CEO of Grayscale Investments, opposed Dimon in an interview on November 7th, stating that Bitcoin is considered a technological investment or a risk asset, and moreover, cryptocurrencies are here to stay.
Emphasizing that traditional financial institutions need to adapt to and embrace new technologies like cryptocurrencies, Sonnenshein said, “Every executive, especially in the financial services space, will have their own views on new technologies, such as crypto or specifically bitcoin. But when you take a big step, it’s undeniable that this asset class is here to stay, and the investor interest in this asset class is only increasing.”
During a Senate appearance, Dimon criticized Bitcoin and other cryptocurrencies, advocating for the banning of these digital assets. The banking executive expressed concerns about the anonymity of Bitcoin and its sensitivity to criminal activities.
“I have always been deeply skeptical of crypto, bitcoin, etc. […] The only true use for this is criminals, drug dealers, money laundering, tax evasion. […] If I were the government, I would shut it down,” said Dimon.
Indeed, Sonnenshein acknowledged these concerns but remained steadfast in the belief that the cryptocurrency market will stay and emphasized the importance of considering investor needs by financial institutions.
Bitcoin Aims to Reclaim $44,000
Bitcoin is currently aiming to reclaim the $44,000 level and has been trading in a consolidative phase throughout the year. The rally in Bitcoin was partially triggered by speculation about the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
Grayscale Investments is among the organizations awaiting feedback from the SEC. Sonnenshein expressed optimism about the regulatory approval of the product and highlighted the increasing understanding among regulators, which could pave the way for the approval of a Bitcoin ETF.
As of the time of writing, Bitcoin was trading at $43,240 with daily losses of 0.20%. Notably, the leading cryptocurrency briefly reached the $44,000 level for the first time since April 2022.
#Grayscale $BTC #BinanceTournament
UPDATE: #Grayscale decreased 3,780 $BTC (-$256M) and currently holds 383,967 BTC ($26B).
Blackrock added 4,967 BTC (+$336.5M) and currently holds 228,613 BTC ($15.5B).
#HotTrends #BTC #ETF
Blackrock added 4,967 BTC (+$336.5M) and currently holds 228,613 BTC ($15.5B).
#HotTrends #BTC #ETF
Update for 29/1/24 #BitcoinETFs Daily Holdings:
Daily Outflows from GBTC Slowing Down 📉
$GBTC outflows have been slowing down steadily over the past week:-
$641M ➡️ -$515M ➡️ -$429M ➡️ -$394M ➡️ -$255M ➡️ Yesterday -$191.70M
This -$191.70 million equals 4,458 Bitcoin sold Yesterday morning - the lowest amount since the ETF launched.
Since the ETF launch:
▪️ GBTC has sold 127,048 #Bitcoin (likely due to their high fees)
▪️ 9 new ETFs have bought ~150,552 $BTC
▪️ Net Bitcoin purchased: ~23,504 BTC
ETF Holdings in Yellow highlight = My estimate 🟨
Waiting for #Grayscale Official Data.
#Blackrock #Fidelity #sui
$BTC $SUI $MATIC
Daily Outflows from GBTC Slowing Down 📉
$GBTC outflows have been slowing down steadily over the past week:-
$641M ➡️ -$515M ➡️ -$429M ➡️ -$394M ➡️ -$255M ➡️ Yesterday -$191.70M
This -$191.70 million equals 4,458 Bitcoin sold Yesterday morning - the lowest amount since the ETF launched.
Since the ETF launch:
▪️ GBTC has sold 127,048 #Bitcoin (likely due to their high fees)
▪️ 9 new ETFs have bought ~150,552 $BTC
▪️ Net Bitcoin purchased: ~23,504 BTC
ETF Holdings in Yellow highlight = My estimate 🟨
Waiting for #Grayscale Official Data.
#Blackrock #Fidelity #sui
$BTC $SUI $MATIC
LIVE
CryptoPatel
--
Bullish
Update for #Bitcoin \Holdings of 🇺🇸 ETFs - 26/1/24
After 12 days of trading, the 9 new spot #BitcoinETFs have purchased an impressive 140,178 BTC worth a whopping ~$6 billion
Meanwhile, #Grayscale has sold 123,939 BTC equal to ~$5.2 billion.
But the ETF inflows are still ahead:
▪️ Total BTC bought by ETFs: 133,780
▪️ Total BTC sold by Grayscale: 116,507
▪️ Net Inflow: 16,239 $BTC
#TrendingTopic #CryptoPatel
$SOL $XRP
After 12 days of trading, the 9 new spot #BitcoinETFs have purchased an impressive 140,178 BTC worth a whopping ~$6 billion
Meanwhile, #Grayscale has sold 123,939 BTC equal to ~$5.2 billion.
But the ETF inflows are still ahead:
▪️ Total BTC bought by ETFs: 133,780
▪️ Total BTC sold by Grayscale: 116,507
▪️ Net Inflow: 16,239 $BTC
#TrendingTopic #CryptoPatel
$SOL $XRP
🚨 Just In: SEC Delays #Grayscale Ethereum Futures ETF! 📉
The SEC has postponed the decision on Grayscale's Ethereum Futures ETF. Stay tuned for updates.
#ETF #Ethereum✅ #SecurityAlert #First1Bitcoin📉
$ETH
The SEC has postponed the decision on Grayscale's Ethereum Futures ETF. Stay tuned for updates.
#ETF #Ethereum✅ #SecurityAlert #First1Bitcoin📉
$ETH
🚨 BREAKING:
#Grayscale just transferred ANOTHER 10,923.49 Bitcoins worth over ~$450 million to #CoinbasePrime and 1 other New Addresses.
Currently Grayscale Holding: 502,043.26 BTC 🚀 #Bitcoin #CryptoUpdate
#Grayscale just transferred ANOTHER 10,923.49 Bitcoins worth over ~$450 million to #CoinbasePrime and 1 other New Addresses.
Currently Grayscale Holding: 502,043.26 BTC 🚀 #Bitcoin #CryptoUpdate
**US Court Orders SEC Reexamination of GBTC to BTC Spot ETF Conversion** 🏛️: In a final verdict, a US court has ruled that the SEC must reevaluate Grayscale's application to convert GBTC to a Bitcoin spot ETF. This decision comes after the SEC opted not to appeal the Grayscale lawsuit. 📜🤔 #SEC #Grayscale #BTCEFT 🚀📊
The approval of the #Grayscale ETF may bring 640,000 previously illiquid Bitcoins to the market, exceeding Microstrategy's holdings by over three times.
#etf #Bitcoin #MicroStrategy #DYOR
#etf #Bitcoin #MicroStrategy #DYOR
📢 #Grayscale Update: Board of Directors Changes! 🟠
📆 Effective January 1, 2024:
Barry E. Silbert & Mark Murphy resign from the Board.Mark Shifke takes over as Chairman; CFO of DCG.
Exciting shifts at Grayscale!
🚀 Stay tuned for the next chapter in crypto leadership.
#Launchpool #sol #BTC #NEAR
$BTC
📆 Effective January 1, 2024:
Barry E. Silbert & Mark Murphy resign from the Board.Mark Shifke takes over as Chairman; CFO of DCG.
Exciting shifts at Grayscale!
🚀 Stay tuned for the next chapter in crypto leadership.
#Launchpool #sol #BTC #NEAR
$BTC
🚨 Breaking: Grayscale makes a substantial move, depositing 6,534 $BTC ($275M) into #CoinbasePrime . This brings their total additions to 123,939 BTC ($5.2B) since the #ETF approval, establishing a significant holding of 495,290 BTC ($20.80B). 📈💰 #Grayscale #Bitcoin
via #Arkham
#Grayscale deposited 15,222 #BTC ($588.5M) to #CoinbasePrime again 10 mins ago.
Grayscale has deposited 79,213 $BTC($3.27B) to coinbase prime since the #ETF was passed, .
Grayscale holds 535,755 #BTC ($20.68B).
#Grayscale deposited 15,222 #BTC ($588.5M) to #CoinbasePrime again 10 mins ago.
Grayscale has deposited 79,213 $BTC($3.27B) to coinbase prime since the #ETF was passed, .
Grayscale holds 535,755 #BTC ($20.68B).
BlackRock's Bitcoin ETF Outperforms Grayscale in Daily Trading Activity
After three weeks of market dominance, Grayscale’s spot #Bitcoin ETF has lost its position as the leader in daily trading volume to #BlackRock
BlackRock's spot Bitcoin #ETF has outpaced #Grayscale Investments in daily trading volumes, marking a significant milestone since the introduction of spot Bitcoin funds in the U.S. on January 11. Initially, Grayscale's Bitcoin Trust ETF (GBTC) dominated the market, accounting for nearly half of the trading volumes across ten ETFs in the first 15 days, with around $14.4 billion of the total $29.3 billion traded, according to Bloomberg Intelligence data.
However, a shift occurred when BlackRock's iShares Bitcoin Trust (IBIT) recorded trading volumes of $302 million on a recent Thursday, surpassing GBTC's $292 million. Despite GBTC's high activity, it has experienced net outflows of $5.6 billion since converting to an ETF, with many investors moving away due to its inability to sell shares at net asset value and a high fee structure of 1.5%, compared to competitors' fees ranging from 0.19% to 0.39%.
Grayscale has responded to these outflows by reducing its Bitcoin holdings by 5,086 BTC, approximately $218 million worth. Meanwhile, BlackRock's IBIT and Fidelity's Wise Origin Bitcoin Fund (FBTC) have attracted significant net inflows, amounting to $2.8 billion and $2.5 billion, respectively, since their launches.
Overall, the net inflows into the ten spot Bitcoin ETFs exceeded $1 billion early in the week, nearing $1.5 billion by Wednesday. In response to the competitive landscape, Invesco and Galaxy Asset Management have lowered their fund fees to 0.25%, matching most of their rivals. The trading volume for all active spot Bitcoin ETFs is nearing $27 billion, indicating a positive shift in investor sentiment and contributing to a reduction in bearish outlooks for Bitcoin.
$BTC
#BTC
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
BlackRock's spot Bitcoin #ETF has outpaced #Grayscale Investments in daily trading volumes, marking a significant milestone since the introduction of spot Bitcoin funds in the U.S. on January 11. Initially, Grayscale's Bitcoin Trust ETF (GBTC) dominated the market, accounting for nearly half of the trading volumes across ten ETFs in the first 15 days, with around $14.4 billion of the total $29.3 billion traded, according to Bloomberg Intelligence data.
However, a shift occurred when BlackRock's iShares Bitcoin Trust (IBIT) recorded trading volumes of $302 million on a recent Thursday, surpassing GBTC's $292 million. Despite GBTC's high activity, it has experienced net outflows of $5.6 billion since converting to an ETF, with many investors moving away due to its inability to sell shares at net asset value and a high fee structure of 1.5%, compared to competitors' fees ranging from 0.19% to 0.39%.
Grayscale has responded to these outflows by reducing its Bitcoin holdings by 5,086 BTC, approximately $218 million worth. Meanwhile, BlackRock's IBIT and Fidelity's Wise Origin Bitcoin Fund (FBTC) have attracted significant net inflows, amounting to $2.8 billion and $2.5 billion, respectively, since their launches.
Overall, the net inflows into the ten spot Bitcoin ETFs exceeded $1 billion early in the week, nearing $1.5 billion by Wednesday. In response to the competitive landscape, Invesco and Galaxy Asset Management have lowered their fund fees to 0.25%, matching most of their rivals. The trading volume for all active spot Bitcoin ETFs is nearing $27 billion, indicating a positive shift in investor sentiment and contributing to a reduction in bearish outlooks for Bitcoin.
$BTC
#BTC
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Grayscale Investments CEO Michael Sonnenshein commented on the launch of spot #BitcoinETF💰💰💰 , stating that he believes no more than three funds will survive in the market, each with a critical mass of assets. He also declared that #Grayscale Investments has no plans to reduce the management fee for the fund, which stands at 1.5%, the highest among comparable products in the market.
Sonnenshein expressed confidence that not all of the 11 approved spot Bitcoin ETFs currently available will remain operational. He emphasized that eventually, there will be consolidation, with only a few funds holding a critical mass of bitcoins, while others may merge with larger products or exit the market.
Addressing the high management fee, Sonnenshein highlighted several reasons why the company is not considering a reduction:
GBTC remains a liquidity leader among spot Bitcoin ETFs, controlling 25,067 BTC as of January 17, 2024.It is the oldest exchange-traded product directly investing in bitcoins, not cryptocurrency-based contracts.Grayscale Investments is an expert in the field of cryptography.
Sonnenshein argued that investors primarily value the track record over short-term cost benefits. Interestingly, this perspective aligns with #ArkInvest CEO Cathie Wood's earlier forecast, suggesting that a majority of spot Bitcoin ETFs could exit the market.
#CryptoNews #crypto2024
$BTC $XAI $ARB
Sonnenshein expressed confidence that not all of the 11 approved spot Bitcoin ETFs currently available will remain operational. He emphasized that eventually, there will be consolidation, with only a few funds holding a critical mass of bitcoins, while others may merge with larger products or exit the market.
Addressing the high management fee, Sonnenshein highlighted several reasons why the company is not considering a reduction:
GBTC remains a liquidity leader among spot Bitcoin ETFs, controlling 25,067 BTC as of January 17, 2024.It is the oldest exchange-traded product directly investing in bitcoins, not cryptocurrency-based contracts.Grayscale Investments is an expert in the field of cryptography.
Sonnenshein argued that investors primarily value the track record over short-term cost benefits. Interestingly, this perspective aligns with #ArkInvest CEO Cathie Wood's earlier forecast, suggesting that a majority of spot Bitcoin ETFs could exit the market.
#CryptoNews #crypto2024
$BTC $XAI $ARB
