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Grayscale Bitcoin Trust
Bitcoin ETF provider Grayscale has provided some illustrative details of its spin-off fund, the Bitcoin Mini Trust (BTC), including a more competitive 0.15% fee than the uplisted mothership GBTC product, according to a pro forma financials in its latest filing.
The Thursday total ETF flow was negative, with GBTC leading the pack
The company in February got permission from a New York bankruptcy court to sell approximately 36 million shares of Grayscale’s Bitcoin Trust.
There were $836 million in net outflows between March 18 and March 21, the report said.
GBTC is expected to lose further funds to newly created ETFs unless there is a meaningful cut to its fees, the report said.
The group of recently launched spot bitcoin exchange-traded funds (ETFs) are seeing combined negative flows for the first time since they opened for trade on Jan. 11 as money moving into funds like BlackRock’s IBIT and Fidelity’s FBTC has failed to keep pace with the exits from Grayscale’s GBTC.
Outflows from the Grayscale Bitcoin Trust have topped $1 billion per day this week.
Experts said newcomers in the bitcoin investing game could be enticed by Grayscale, the incumbent with a huge lead.
Grayscale received the regulatory green light to convert its flagship product into an ETF on Wednesday.
The investment fund bought $9.2 million worth of BITO shares while selling $27.6 million worth of COIN.