Grayscale Investments has filed with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Digital Large Cap Fund (GDLC) into a traditional ETF.
Grayscale launched the Ethereum Mini Trust, offering an introductory zero-fee period (0% commission) for the first 6 months or up to $2 billion. Subsequently, the commission will be 0.15%, the lowest in the market, excluding initial discounts.
Bitwise, an investment company, has thrown its hat into the ring with an application for a spot Ethereum ETF, aligning itself with industry heavyweights such as BlackRock, Grayscale, Fidelity, VanEck, and Ark/21Shares.
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.
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%.
The Grayscale Bitcoin Spot ETF decision isn't on the SEC's appeal agenda.
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.
Grayscale released a new research paper focusing on various cryptocurrency sectors. The company updated its list of the top 20 cryptocurrencies that Grayscale Research believes have high potential for Q4 2024.
The structure of upcoming spot Ethereum ETFs in the US is becoming evident. Most issuers are setting initial client discounts that transition into fees between 0.19% and 0.25%.
Following Fidelity's lead, Grayscale Investments has introduced the capability to utilize the ETH in its trust for staking, as part of its application to register a spot Ethereum ETF.
On January 12, the price of BTC sharply declined, falling below the $44,000 threshold and later reaching about $41,500.
The SEC Chairman has indicated that recent court rulings, such as the one involving Grayscale, have prompted the SEC to reconsider its stance on Bitcoin ETFs.
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.
