Grayscale Bitcoin Trust's shares jump after first inflow since January

Some outflows were also tied to the wave of bankruptcies in the crypto industry, as companies that collapsed in the last two years pulled money out of the fund to repay their creditors.

GBTC saw inflows of $63 million on Friday, according to investment management firm . It has $18.08 billion in (AUM), according to its website.

But its position as the biggest spot bitcoin ETF by AUM has come under threat from , which manages $16.91 billion, according to its website.

said in March that it would seek approval from the to spin off a portion of GBTC's assets into a new, lower-fee Bitcoin Mini Trust. However, the company has yet to determine the fees the Mini Trust will charge.

Spot bitcoin ETFs offer investors exposure to bitcoin without the need to hold it directly. They were approved by the in January after being rejected for a decade.

Source: Forex-Markets-Economic Times