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Grayscale Claims Bragging Rights for First Spot Bitcoin ETF to Begin Trading
Grayscale's conversion of its $27 billion bitcoin trust into an ETF was finally approved by the Securities and Exchange Commission (SEC) on Wednesday
Updated Mar 9, 2024, 2:16 a.m. Published Jan 11, 2024, 11:07 a.m.
CORRECTION (Jan. 11, 12:15 UTC): Removes reference to iShares Bitcoin's pre-market premium.
Grayscale, the manager of GBTC, is claiming bragging rights for being the first of the newly approved crop of spot bitcoin [BTC] exchange-traded funds (ETFs) to begin trading, a representative for the firm said on Thursday.
“I am happy to confirm that GBTC started pre-market trading at 4 am EST this morning,” Grayscale’s head of comms Jennifer Rosenthal said via email.
For full coverage of bitcoin ETFs, click here.
Grayscale’s conversion of its $27 billion bitcoin trust into an ETF was finally approved by the Securities and Exchange Commission (SEC) on Wednesday, one of many applicants approved by the U.S. markets regulator for the first time marking a historic milestone for the cryptocurrency industry.
GBTC, which is priced at $40.496 in pre-trading on the NYSE Arca, has a markedly higher fee than its competitors, charging investors 1.5%, whereas the rest are charging in the range of 0.2%-0.9%. Grayscale appears to be relying on the head start of its $27 billion in assets giving it a competitive advantage against the pack.
Read More: Bitcoin ETFs: What to Expect on Day One
UPDATE (Jan. 11, 11:30 UTC): Adds details on GBTC pricing, IBIT premium.
Jamie Crawley
Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
