The Grayscale Bitcoin Trust (GBTC) has recorded massive outflows since the United States Securities and Exchange Commission (SEC) approved its conversion and listing as a spot Bitcoin exchange-traded fund (ETF). This has led to a significant plunge in its Bitcoin (BTC) stash, and from the look of things, the withdrawals are not slowing down. According...Read More
BTC has dropped to its lowest price level for seven weeks, hitting $39,500 during Tuesday morning’s Asian trading session. The 3% daily decline has increased the size of the BTC pullback to 18.5% from its Jan. 10 high of $48,500. Moreover, analysts have predicted that the correction could continue and be as deep as 30%,...Read More
Defunct crypto exchange FTX may be behind a tsunami of outflows from the Grayscale Bitcoin Trust (GBTC) this month – and by extension, may have caused a significant downturn in Bitcoin (BTC)’s price. A recent report from CoinDesk suggested that the FTX bankruptcy has sold off close to $1 billion worth of GBTC since the...Read More
In a recent discussion with CNBC, Grayscale’s CEO, Michael Sonnenshein, shed light on the company’s decision to offer the highest fee among the 11 issuers of spot Bitcoin ETFs in the United States. Amid this 1.5% fee, Grayscale’s newly converted spot Bitcoin ETF has attracted the most substantial trading volumes compared to other issuers. Sonnenshein...Read More
All told, there were 700,000 individual trades today in and out of the 11 recently approved spot Bitcoin ETFs, reported industry analyst Eric Balchunas on Jan. 12. This shows that there was substantial demand for the products on the first day, as total volumes were more than $4.3 billion, according to the figures. He added...Read More
The debut week of 2024 marked a promising start for digital asset investment products, reaching inflows of $151 million in assets. This brought the total inflows since the Grayscale vs. SEC lawsuit to $2.3 billion, constituting 4.4% of all assets under management (AuM), as per prominent asset manager CoinShares. Spot Bitcoin ETF Not ‘Buy The...Read More
A wave of anticipated Bitcoin (BTC) spot ETF approvals appear days away from launch – yet one of the race’s largest players may be behind on its regulatory procedures. Bloomberg ETF analyst Eric Balchunas noted on Tuesday that the firm’s latest S-3 filing for its Bitcoin ETF is still absent critical information that rival fund...Read More
ARK Invest – the institutional asset management firm led by Cathie Wood – made a significant move by liquidating all of its remaining holdings in the Grayscale Bitcoin Trust (GBTC), totaling $200 million. In the previous month, GBTC stood as the largest holding in ARK’s Next Generation Internet ETF. However, the asset management firm has...Read More
Grayscale has submitted a modified S-3 filing for the conversion of its GBTC into a spot Bitcoin ETF on the same day of its surprising leadership shuffle. The asset manager reportedly reached a compromise by agreeing to adhere to the US Securities and Exchange Commission’s (SEC) stipulation for cash-only creation and redemption. Grayscale’s Compromise Stirs...Read More
In a surprising turn of events, Barry Silbert, the founder and CEO of Digital Currency Group (DCG) – the parent company of Grayscale – has resigned from the asset manager’s board of directors. Silbert, a key figure in the cryptocurrency industry, has played a crucial role in shaping the growth of Grayscale Investments. His departure...Read More
Michael Sonnenshein, the CEO of leading asset management firm Grayscale Investments, believes the approval of spot Bitcoin exchange-traded funds (ETFs) could allow the crypto market to enjoy an inflow of $30 trillion in advised wealth. During an interview with CNBC’s Squawk Box, Sonnenshein said there is a lot of market optimism for Bitcoin (BTC) next...Read More
After consistently denying approval for a spot Bitcoin ETF for American investors over the years, there are indications that SEC chair Gary Gensler might be reconsidering his position in light of Grayscale’s legal triumph. While he has not explicitly acknowledged any change in stance, he admitted taking a new look at the approval process of...Read More
“Tradfi” may be beginning to rotate into the ETH ETF trade after two months. As per a new report by Reflexivity Research, the annualized basis on CME has consistently increased, reaching over 18%. Bitcoin’s open interest in CME has also experienced continuous growth, surpassing $4.5 billion since the trend began two months ago. Notably, an...Read More
Shares for the Grayscale Bitcoin Trust (GBTC) – the world’s largest Bitcoin fund – are nearly back to parity with Bitcoin (BTC)’s price after trading deeply underwater for the past two years. Their rising value reflects market confidence that Grayscale’s efforts to convert its fund into a Bitcoin spot ETF will prove successful. The SEC’s...Read More
Grayscale Investments, a prominent cryptocurrency asset manager, is making significant strides in its quest to convert its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF). The company recently held a crucial meeting with the Securities and Exchange Commission (SEC) to discuss potential listing matters related to the shares of the product. Grayscale...Read More
Solana’s price is flying high again on crypto exchanges. However, regulated investors value SOL tokens at an astounding premium in Grayscale Solana Trust (GSOL). The average SOL price on crypto exchanges was just under $62 Saturday afternoon U.K. time, according to data from CoinGecko. That puts the smart contract blockchain platform up over 49% in...Read More
Grayscale’s Chainlink Trust – GLNK – has surged to a premium of 200% when compared to the current LINK market prices. GLNK has seen a remarkable surge of almost 100% in the last week, concluding at $39 on Monday, up from its level of $21 on October 31. It is also important to note that...Read More
The U.S. Court of Appeals for the D.C. Circuit has reaffirmed its prior ruling, directing the Securities and Exchange Commission (SEC) to review Grayscale Investments’ proposal to convert the crypto company’s leading GBTC fund into a Bitcoin exchange-traded fund (ETF). This development comes after the SEC’s recent announcement that it does not intend to appeal...Read More
Grayscale has submitted a fresh application to the Securities and Exchange Commission (SEC), aiming to establish one of the first spot Bitcoin exchange-traded funds (ETFs) in the United States through its Grayscale Bitcoin Trust. The filing revealed that Grayscale intends to list Grayscale Bitcoin Trust shares on the New York Stock Exchange (NYSE) Arca. Grayscale...Read More
Grayscale Bitcoin Trust (GBTC) – the world’s largest Bitcoin fund – reached its lowest point in 22 months last Friday. The decline in the discount has sparked optimism as spot Bitcoin exchange-traded funds (ETFs) in the United States are moving closer to becoming a reality. This comes as the SEC passed the deadline to appeal...Read More
Grayscale, the company behind the world’s largest crypto funds, has now moved to convert its Grayscale Ethereum Trust (ETHE) into a spot Ethereum (ETH) ETF. Since the announcement, shares for ETHE have shot up 2.71% on the day. Grayscale’s Pivot to Ethereum Per a press release shared by Grayscale CEO Michael Sonnhenshein, the conversion to...Read More
Amid increased regulatory scrutiny in the United States, Europe has become an attractive destination for crypto firms. Galaxy Digital, the crypto venture led by US billionaire Mike Novogratz, is now venturing into the European market for greener pastures. As part of this expansion, the company has appointed Leon Marshall, formerly an executive at the crypto...Read More
On September 19, Grayscale Investments filed with the Securities and Exchange Commission for a new ETF tracking Ethereum futures. The firm has filed under both securities acts, the Securities Act of 1933 and the Investment Company Act of 1940, reported the WSJ. This is worth noting because the SEC has approved Bitcoin futures ETFs registered...Read More
The largest cryptocurrency by market capitalization is pre-determined to have 21 million coins ever mined. Many BTC proponents believe this anti-inflationary feature should make the asset more scarce and valuable in time. The total amount of Bitcoin produced as of today stands at almost 19.5 million, with over 15% owned by ten individuals or organizations....Read More
Attorney John Deaton, known for his representation of XRP token holders involved in the legal battle against the US Securities Exchange Commission (SEC), has officially filed a formal notice of appearance as an Amicus Curiae in the LBRY lawsuit. This recent development follows LBRY’s filing of an appeal notice to the United States Court of...Read More
The Grayscale Ethereum Trust (ETHE) has recorded significant gains since Cathie Wood’s asset management firm ARK Invest and investment manager VanEck filed applications with the United States Securities and Exchange Commission (SEC) to launch a spot Ethereum exchange-traded fund (ETF). According to a tweet by blockchain intelligence firm IntoTheBlock, the ETHE discount to net asset value (NAV)...Read More
Blockchain analytics firm Arkham Intelligence has found that on-chain wallets tied to the Grayscale Bitcoin Trust (GBTC) hold more than $16 billion in BTC. In a recent tweet, the crypto data tracking platform said that the trust’s issuer, Grayscale Investments, is the second largest global bitcoin holder, with the assets spread across more than 1,750...Read More
After handily defeating the regulator in court, Grayscale sent a letter to the Securities and Exchange Commission (SEC) on Tuesday with key messages for the agency as it pursues next steps. Given the court’s ruling, Grayscale emphasized that the commission has run out of reasons to continue denying the launch of a Bitcoin spot ETF....Read More
Outflows have significantly slowed down, with bitcoin products showing resilience amidst a flatlined market trend. According to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report,’ there is a glimmer of hope that negative sentiment may be starting to shift, as highlighted by the firm’s Head of Research, James Butterfill. Butterfill observed that...Read More
The US Court of Appeals for the DC Circuit overturned the country’s securities regulator’s rejection to review Grayscale’s application to turn its flagship fund into a spot Bitcoin ETF. Recall that the asset manager sued the Securities and Exchange Commission earlier this year. The Tuesday ruling ordered the SEC to “vacate” its decision to refute...Read More
