Grayscale Claims Bragging Rights For Spot Bitcoin ETF
Grayscale, the manager of GBTC, has been the first of the newly approved crop of spot bitcoin (BTC) exchange-traded funds (ETFs) to begin trading.
The firm’s conversion of its $27 billion bitcoin trust into an ETF was approved by the Securities and Exchange Commission (SEC), marking a historic milestone for the cryptocurrency industry.
GBTC, priced at $40.496 in pre-trading on the NYSE Arca, has a significantly higher fee than its competitors, charging investors 1.5%.
Grayscale appears to be relying on the head start of its $27 billion in assets to gain a competitive advantage against the pack.
(With inputs from Shikha Singh)
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