Trade turnover GBTC from Grayscale Investments jumped 400%, from $16.1 million to $80 million. This is how the market reacted to BlackRock filing an application for SEC to create a bitcoin ETF.
“We see positive expectations regarding the approval of the BlackRock initiative. This could make things easier for Grayscale in their quest to achieve a product to ETF conversion.” – commented in The Block.
In October 2021, Grayscale submitted a relevant application. On December 17, the SEC delayed making a decision on the appeal, and in February 2022 again postponed the date on this issue. On June 30, Grayscale sued the regulator after a negative response.
Bloomberg analyst James Seiffart saw the possible approval of BlackRock’s bid as a threat to GBTC’s valuation and potential pressure on product fees.
“On top of that, if the bitcoin trust is converted into an ETF, then investors will potentially start withdrawing funds”he added.
According to The Block, since the beginning of 2023, Grayscale has earned $230 million from crypto ETFs. The annual management fee for products is 2-2.5%. Their total AUM exceeds $23.5 billionincluding GBTC — $17.5 billion.
Recall that in July 2022, the Wall Street Journal editors accused the head of the SEC, Gary Gensler, of a “confusing” approach regarding the adoption of a spot bitcoin ETF. Journalists called Grayscale’s chances of winning the lawsuit against the agency high.
Spot Bitcoin ETFs Receive Regulatory Approval Canada, BrazilAustralia and Netherlands.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Trade turnover GBTC from Grayscale Investments jumped 400%, from $16.1 million to $80 million. This is how the market reacted to BlackRock filing an application for SEC to create a bitcoin ETF.
“We see positive expectations regarding the approval of the BlackRock initiative. This could make things easier for Grayscale in their quest to achieve a product to ETF conversion.” – commented in The Block.
In October 2021, Grayscale submitted a relevant application. On December 17, the SEC delayed making a decision on the appeal, and in February 2022 again postponed the date on this issue. On June 30, Grayscale sued the regulator after a negative response.
Bloomberg analyst James Seiffart saw the possible approval of BlackRock’s bid as a threat to GBTC’s valuation and potential pressure on product fees.
“On top of that, if the bitcoin trust is converted into an ETF, then investors will potentially start withdrawing funds”he added.
According to The Block, since the beginning of 2023, Grayscale has earned $230 million from crypto ETFs. The annual management fee for products is 2-2.5%. Their total AUM exceeds $23.5 billionincluding GBTC — $17.5 billion.
Recall that in July 2022, the Wall Street Journal editors accused the head of the SEC, Gary Gensler, of a “confusing” approach regarding the adoption of a spot bitcoin ETF. Journalists called Grayscale’s chances of winning the lawsuit against the agency high.
Spot Bitcoin ETFs Receive Regulatory Approval Canada, BrazilAustralia and Netherlands.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!