Grayscale Launches First Spot Bitcoin ETF: A Trading Revolution

• Grayscale Leads the Charge with Bitcoin ETFs
• GBTC Kickstarts Early Morning Trading
• GBTC Pricing and Fees
• Other ETFs Enter the Market
• Important Update

Grayscale Leads the Charge with Bitcoin ETFs

Grayscale, the powerhouse behind GBTC, has taken the lead as the first among the recently approved Bitcoin$42,260 -0.64% (BTC) spot exchange-traded funds (ETFs) to commence trading. This exciting development was confirmed on Thursday by a spokesperson for the firm.

GBTC Kickstarts Early Morning Trading

GBTC initiated pre-market trading at 4 am EST, marking a significant development in Grayscale's journey. The firm notably converted its $27 billion Bitcoin trust into an ETF, a decision that was finally sanctioned by the Securities and Exchange Commission (SEC) on Wednesday. This approval wasn't exclusive to Grayscale and marks the beginning of a new era for the cryptocurrency industry as the US market regulators approved multiple applications for the first time.

GBTC Pricing and Fees

Trading on the NYSE Arca, GBTC opened at a price of $40.496. This ETF stands out for its fee structure, charging investors a substantially higher fee of 1.5% compared to its competitors who are charging fees within the range of 0.2%-0.9%. It's clear that Grayscale is banking on its hefty $27 billion assets to provide a competitive edge over the other new entrants.

Other ETFs Enter the Market

Apart from Grayscale, several other ETFs also received approval on Wednesday. Among these, BlackRock's iShares Bitcoin Trust (IBIT) began trading in the pre-market, and has seen a remarkable increase of more than 25%, reaching $27.54 at the time of reporting.

Important Update

An update on January 11 at 11:30 UTC added further details about GBTC pricing and IBIT premium.

Edited by Jonathan Stoker