Filings suggested that Genesis Global Holdco held roughly $1.6 billion worth of shares of Grayscale Bitcoin Trust, Grayscale Ethereum Trust and Grayscale Ethereum Classic Trust.
Investors keep accumulating spot Bitcoin ETF shares as combined daily inflows broke another record at $631.3 million.
GBTC is expected to lose further funds to newly created ETFs unless there is a meaningful cut to its fees, the report said.
BlackRock’s IBIT fund is leading the spot Bitcoin ETF pack as February 7 sees billion dollars in trading volume.
Bitcoin price hovers near the $43,000 level. Do bulls have plans to press BTC higher?
Nearly $1.4 billion of Genesis’ assets were held in Grayscale Bitcoin Trust (GBTC), which has since converted to a spot exchange-traded fund (ETF).
GBTC enables investors to access Bitcoin traditionally through shares, offering an alternative to directly owning and managing digital assets.
Grayscale has a “massive” head start, but will the Wall Street firms like BlackRock and Fidelity soon overtake GBTC?
Analysts from JPMorgan believe the majority of “profit taking” from Grayscale’s Bitcoin Trust is now likely over, while U.S. Bitcoin funds have just recorded their biggest day of net outflows.
The group of recently launched spot bitcoin exchange-traded funds (ETFs) are seeing combined negative flows for the first time since they opened for trade on Jan. 11 as money moving into funds like BlackRock's IBIT and Fidelity's FBTC has failed to keep pace with the exits from Grayscale’s GBTC.
Around $1.3 billion has shifted from GBTC to new spot bitcoin ETFs, equivalent to a monthly outflow of about $3 billion per month, the bank said in a report.
ETF analysts expect spot Ether ETF applications to be “sporadically” delayed until May, when the first of many final decision deadlines are due.
The days of rising crypto prices lifting all boats, including mining stocks, may be gone. But it still looks like being a good year for digital assets, says Alex Tapscott.
Outflows from the Grayscale Bitcoin Trust have topped $1 billion per day this week.
Experts said newcomers in the bitcoin investing game could be enticed by Grayscale, the incumbent with a huge lead.
The FTX hedge fund accused Grayscale of a “self-imposed redemption ban,” but funds are leaving quite actively now.
Heavy outflows and the decline in Bitcoin’s price are driving down the value of GBTC’s portfolio despite solid demand for other Bitcoin ETFs.
The spot Bitcoin ETF fee war will not save the funds from being eventually pulled from the market, Grayscale CEO believes.
The news sent bitcoin tumbling early Tuesday, but the price quickly recovered.
The SEC chair said Grayscale’s court decision “changed” the Commission’s approach to spot Bitcoin ETF trading on Wall Street.
The Grayscale Bitcoin Trust's (GBTC) $27 billion of bitcoin and $350 million of daily volume gives Grayscale an advantage versus BlackRock and other wannabe rivals, according to Bloomberg's Eric Balchunas.
Goldman Sachs is in talks to play the key role of being an "authorized participant" for BlackRock and Grayscale's bitcoin ETFs, if the SEC approves them, according to people familiar with the situation.
The U.S. SEC has selected a cash creation and redemption mechanism to mitigate market manipulation risks surrounding a spot Bitcoin ETF.
Shifke is the CFO of Silbert's Digital Currency Group and will take over Jan. 1, Grayscale said in an SEC filing.
The SEC chair could be softening his stance on Bitcoin ETFs following the Grayscale court victory, but if so, he hasn’t admitted it outright.
The commission said it will have until January 2024 to reach a decision on the spot Ether investment vehicle or institute proceedings to extend the deadline again.
The bitcoin price could come under pressure as some of the money is likely to completely exit the ecosystem, the report said.