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An exchange-traded fund, or ETF, is a basket of assets (most commonly stocks) that trade under a single ticker symbol. Instead of buying stocks, the Grayscale Bitcoin Trust ETF purchases Bitcoin ...
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.
Grayscale was founded in 2013, launching a bitcoin trust that year. [4] In 2015, the company became a subsidiary of Digital Currency Group. [5] The same year, Grayscale Bitcoin Trust (OTCQX: GBTC) began trading over-the-counter on the OTCQX market, becoming the first publicly traded bitcoin fund in the United States.
A handful of hedge funds made a winning bet on approval of a spot bitcoin exchange-traded fund (ETF) by investing in the Grayscale Bitcoin Trust (GBTC) well ahead of regulatory sign off, according ...
Grayscale was the world’s largest asset manager for digital currency, as of December 2021, with more than $50 billion in assets under management. [7] Grayscale also manages the Grayscale Bitcoin Investment Trust (OTCQX: GBTC), which was the first publicly quoted security solely invested in the price of bitcoin upon its launch in 2013. [3]
And in that race, one fund has a head start. Grayscale’s GBTC, the trust that the asset manager successfully sued the Securities and Exchange Commission to convert into an ETF—is the only ...
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While new competitors including BlackRock and Fidelity set the fees on their ETFs to near-zero levels, Grayscale only lowered its fee from 2% to 1.5%—spurring a predictable stampede of investors ...