Since their launch, spot Bitcoin ETFs, excluding GBTC, have collectively amassed over 100,000 BTC. Contrastingly, Grayscale has dumped 80,000 Bitcoins in the same timeframe.
Ark Invest continues its strategy of unloading Grayscale Bitcoin Trust shares, with the latest sale amounting to $28 million in GBTC.
Gemini is suing crypto lender Genesis to ascertain the rightful ownership of Grayscale Bitcoin Trust (GBTC) shares worth nearly $1.6 billion.
Victory in court against the SEC enables Grayscale to transform its Bitcoin Trust (GBTC) into an ETF. This development sent Bitcoin soaring past the $27,000 milestone. Within a 45-day period, the SEC can petition for a rehearing. Once this time elapses, the court will deliver a final mandate specifying the future course of action.
Grayscale Investments is gearing up for a potential positive outcome in its lawsuit with the SEC, as it begins hiring for its ETF team. The firm is on the lookout for a "Senior Associate, ETFs" to bolster its ETF business development. This move comes as the crypto community eagerly awaits a court decision on Grayscale's proposal to convert its GBTC fund into a spot bitcoin ETF. The outcome could set a precedent for other asset managers seeking approvals for spot bitcoin funds, influencing the future of crypto ETFs.
Bloomberg’s Senior ETF Analyst, Eric Balchunas, humorously notes, "I can’t escape bitcoin ETFs even if I tried..."
The Grayscale Bitcoin Trust (GBTC) is presently trading at about an 11% discount below the net asset value (NAV) of the trust, though it recently dipped to nearly 8%.
Grayscale Investments has warned the US Securities and Exchange Commission (SEC) that granting approval to certain spot Bitcoin ETF proposals ahead of others could create an "unfairly discriminatory and prejudicial first-mover advantage". The company's comments follow BlackRock's recent application to launch a spot Bitcoin ETF, which reignited hopes and triggered similar filings from other firms. Grayscale had previously attempted to convert its Bitcoin Trust (GBTC) to an ETF but was denied by the SEC. The firm now supports the simultaneous approval of all proposed spot Bitcoin ETFs to maintain a level playing field.
