Grayscale plans spin off of spot bitcoin ETF

GBTC - which in January received approval to convert from a trust to an ETF - currently has higher fees than its peers, one of the key factors in drawing investors to rival ETFs, Reuters has reported.

filed to list shares of a new investment product, the Grayscale Bitcoin Mini Trust, which will receive a certain amount of bitcoin held by GBTC. In exchange, current GBTC shareholders will get stock in the Mini Trust, the company said.

Since January, GBTC has seen capital outflows of $11.05 billion, according to data from crypto research firm BitMEX Research, even as bitcoin climbed to an all-time high and competitors recorded inflows over the same period. Grayscale is yet to determine the fees the Mini Trust will charge, according to the filing. Following the spin-off, both GBTC and the Mini Trust will operate independently, it said. The company's landmark victory in a legal fight with the Securities and Exchange Commission (SEC) led to the approval of spot bitcoin ETFs - investment vehicles that allow shareholders to gain exposure to bitcoin without directly holding it - in January. Since the approval, competitors BlackRock's iShares Bitcoin ETF and Fidelity Wise Origin Bitcoin Fund have recorded inflows of $10.59 billion and $6.37 billion, respectively. The ETF euphoria and hopes that the Federal Reserve will soon cut interest rates have propelled bitcoin, the world's biggest cryptocurrency, above $72,000. Bitcoin was last trading at $72,095, down 0.09% on the day.

Source: Forex-Markets-Economic Times

Последние публикации
Cardano Climbs 10% In a Green Day
10.11.2024 - 01:00
Michael Saylor Reacts Bullishly to Tom Lee's $100,000 2024 Bitcoin Prediction
09.11.2024 - 18:00
'Rich Dad Poor Dad' Author Reveals His Bitcoin Holdings and Plans to Buy More BTC
09.11.2024 - 14:00
Bitcoin (BTC) 'Flattens Out': Crucial Signal, Cardano (ADA) Shows Price Pump First Time in 7 Months, Solana (SOL) $200 Captured: Is All-Time High Next?
09.11.2024 - 07:00
Bitcoin in US Reserves Would Crash Market, Peter Schiff Explains Why
08.11.2024 - 21:00
Ready to Go? Michael Saylor Reacts as Bitcoin (BTC) Nears Historic Highs
08.11.2024 - 21:00
Celebrating the Success of Zircuit’s ZRC EigenLayer Fairdrop
08.11.2024 - 19:00
Fed Chair Jerome Powell's Remarks Ripple Through Crypto Market: Details
08.11.2024 - 18:00
Cardano Climbs 16% In Bullish Trade
08.11.2024 - 18:00
$1 Billion in 24 Hours: BlackRock's Bitcoin ETF Breaks Records
08.11.2024 - 15:00
Bitcoin price today: tops $76k on Fed rate cut cheer, Trump victory
08.11.2024 - 15:00
Bybit Expands Shunyet Jan’s Role to Drive Institutional Growth
08.11.2024 - 10:00
Bitcoin price today: upbeat near $76k on Fed rate cut cheer, Trump victory
08.11.2024 - 07:00
Bitcoin's Next Move Predicted as Market Awaits Fed Rate Decision
07.11.2024 - 22:00
Bitcoin Surpasses Meta After Surging to $75,000, Dogecoin Founder Reacts to DOGE and BTC Price Spike, Shiba Inu Burn Rate Skyrockets 3,674%: Crypto News Digest by U.Today
07.11.2024 - 21:00

© Analytic DC. All Rights Reserved.

new
Анализ рынка Как повлият завтра отчет NFP на курс доллара США?