Grayscale Bitcoin Trust is spot bitcoin exchange-traded fund offered by Grayscale Investments, a prominent digital currency asset management firm.
However, after a few prior attempts to convert GBTC into a spot bitcoin ETF, the U.S. Securities and Exchange Commission approved Grayscale's application on Jan. 11, 2024. On that day, GBTC joined 10 other spot bitcoin ETFs to gain the green light, and GBTC quickly became the most popular fund among its competitors. A spot bitcoin ETF is a financial product that allows investors to gain exposure to bitcoin's price movements without directly owning the cryptocurrency.
First launched in September 2013, GBTC operated as a trust that held a certain amount of bitcoin. Investors could buy shares of the trust, representing ownership of a portion of the underlying bitcoin holdings. GBTC was accessible to accredited investors at the time, which typically meant an individual or entity that met certain criteria set by financial regulators, such as income, net worth or professional experience.
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Biggest ETF outflow: At this rate, Grayscale will be out of Bitcoin in 4 monthsThe ten U.S. spot Bitcoin ETFs saw net combined outflows of $326.2 million, their largest to date since launching in mid-January.
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