{"id":473971,"date":"2021-10-17T22:38:42","date_gmt":"2021-10-17T22:38:42","guid":{"rendered":"https:\/\/wncen.com\/?p=473971"},"modified":"2024-06-11T13:59:34","modified_gmt":"2024-06-11T13:59:34","slug":"grayscale-set-to-file-for-bitcoin-spot-etf","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/grayscale-set-to-file-for-bitcoin-spot-etf\/","title":{"rendered":"Grayscale Investments Set to File for Bitcoin Spot ETF as Competition Heats Up\u00a0"},"content":{"rendered":"

Grayscale Investments, known for its Grayscale Bitcoin Trust (GBTC), is planning on filing an application to convert its flagship fund into a spot ETF early next week. Grayscale, which has been the dominant player in the digital asset space, is now looking to revamp its fund due to competition.\u00a0<\/span><\/p>\n

First Bitcoin Futures ETF Set to Trade Early Next Week, Adding More Competition for Grayscale<\/h2>\n

Last Friday, the Securities and Exchange Commission (SEC) approved the first ever Bitcoin futures ETF, which is set to trade on the New York Stock Exchange early next week. The move has been hailed as a “watershed moment” by many, where Bitcoin is finally solidifying its legitimacy as an asset class to Wall Street and mainstream investors.\u00a0<\/span><\/p>\n

Related Reading | Bitcoin ETF Receives Approval from SEC, Marking Historic Day for Crypto\u00a0<\/a><\/strong><\/em><\/p>\n

\"\"
Bitcoin (BTC\/USD) dipped slightly following a rally to monthly highs of $63,000, before retracing back to $61,000. Source: Tradingview.com <\/a><\/figcaption><\/figure>\n

The ETF, managed by investment firm ProShares, will feature a low management fee of 0.95%, compared to Grayscale\u2019s 2%. Another benefit that the new ETF provides is the lack of redemption periods \u2013\u00a0something that has plagued GBTC\u2019s investors since its very inception.\u00a0<\/span><\/p>\n

Why Grayscale’s Potential Spot Bitcoin ETF May Outperform Futures ETFs<\/h2>\n

The Bitcoin-futures ETF is a step in the right direction in making cryptocurrencies more accessible for the everyday investor; however, many crypto investors have argued that the ETF\u2019s utilization of derivative contracts, which are traded on the Chicago Mercantile Exchange (CME), would prove to be far inferior compared to a spot ETF holding actual Bitcoin.\u00a0<\/span><\/p>\n

Related Reading | Grayscale Looks to Bolster Investment Offerings with 13 more Cryptos, Including Polygon, Solana, and ICP\u00a0<\/a><\/strong><\/em><\/p>\n

Contango, which is a phenomenon that occurs when futures prices are above expected future spot price, means that investors will lose out potential gains due to the Bitcoin futures contracts expiring higher than the cryptocurrency\u2019s spot price. Joe Orsini, director of research at Eagle Brook Advisors, explained the following disadvantages in his Twitter thread:\u00a0<\/span><\/p>\n

https:\/\/twitter.com\/JoeOrsini_\/status\/04251905<\/p>\n

If approved, Grayscale\u2019s spot Bitcoin ETF would be backed by actual Bitcoins, rather than derivatives that track the cryptocurrency\u2019s price. Grayscale already has a significant portion of the world\u2019s circulating Bitcoin supply.\u00a0<\/span><\/p>\n

\"Grayscale
Grayscale Bitcoin Trust (GBTC) assets under management rebounded $39B as Bitcoin (BTC) prices jumped past $60,000 following the news of SEC’s Bitcoin futures ETF approval. Source: Glassnode.com<\/a><\/figcaption><\/figure>\n

Barry Silberts, the founder of Digital Currency Group and Grayscale Investments, took to Twitter<\/a> to hint at upcoming changes for GBTC. He joked, \u201c[f]riends don\u2019t let friends buy and hold futures-based ETFs.\u201d Though, there may be some truth behind the statement yet.\u00a0<\/span><\/p>\n

Featured image from UnSplash<\/pre>\n","protected":false},"excerpt":{"rendered":"
Grayscale Investments, known for its Grayscale Bitcoin Trust (GBTC), is planning on filing an application to convert its flagship fund into a spot ETF early next week. Grayscale, which has been the dominant player in the digital asset space, is now looking to revamp its fund due to competition.\u00a0 First Bitcoin Futures ETF Set to Trade Early Next Week, Adding More Competition for Grayscale Last Friday, the Securities and Exchange Commission (SEC) approved the first ever Bitcoin futures ETF, which is set to trade on the New York Stock Exchange early next week. The move has been hailed as a “watershed moment” by many, where Bitcoin is finally solidifying its legitimacy as an asset class to Wall Street and mainstream investors.\u00a0 Related Reading | Bitcoin ETF Receives Approval from SEC, Marking Historic Day for Crypto\u00a0 The ETF, managed by investment firm ProShares, will feature a low management fee of 0.95%, compared to Grayscale\u2019s 2%. Another benefit that the new ETF provides is the lack of redemption periods \u2013\u00a0something that has plagued GBTC\u2019s investors since its very inception.\u00a0 Why Grayscale’s Potential Spot Bitcoin ETF May Outperform Futures ETFs The Bitcoin-futures ETF is a step in the right direction in making cryptocurrencies more accessible for the everyday investor; however, many crypto investors have argued that the ETF\u2019s utilization of derivative contracts, which are traded on the Chicago Mercantile Exchange (CME), would prove to be far inferior compared to a spot ETF holding actual Bitcoin.\u00a0 Related Reading | Grayscale Looks to Bolster Investment Offerings with 13 more Cryptos, Including Polygon, Solana, and ICP\u00a0 Contango, which is a phenomenon that occurs when futures prices are above expected future spot price, means that investors will lose out potential gains due to the Bitcoin futures contracts expiring higher than the cryptocurrency\u2019s spot price. Joe Orsini, director of research at Eagle Brook Advisors, explained the following disadvantages in his Twitter thread:\u00a0 https:\/\/twitter.com\/JoeOrsini_\/status\/04251905 If approved, Grayscale\u2019s spot Bitcoin ETF would be backed by actual Bitcoins, rather than derivatives that track the cryptocurrency\u2019s price. Grayscale already has a significant portion of the world\u2019s circulating Bitcoin supply.\u00a0 Barry Silberts, the founder of Digital Currency Group and Grayscale Investments, took to Twitter to hint at upcoming changes for GBTC. He joked, \u201c[f]riends don\u2019t let friends buy and hold futures-based ETFs.\u201d Though, there may be some truth behind the statement yet.\u00a0 Featured image from UnSplash<\/p>\n","protected":false},"author":536,"featured_media":473975,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,6664,1557,1944,7558,7523,3799],"class_list":["post-473971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crypto","tag-cryptocurrencies","tag-etf","tag-gbtc","tag-grayscale","tag-sec"],"acf":[],"yoast_head":"\nGrayscale Investments Set to File for Bitcoin Spot ETF as Competition Heats Up\u00a0<\/title>\n<meta name=\"description\" content=\"Grayscale Investments, known for its Grayscale Bitcoin Trust (GBTC), is planning on filing an 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