Grayscale is reportedly moving ahead with plans to convert its Grayscale Bitcoin Trust (GBTC) to a Bitcoin exchange-traded fund backed by physical Bitcoin. A corresponding filing with the U.S. Securities and Exchange Commission (SEC) may be submitted early this week, according to a CNBC report.
As of October 15, Grayscale held $52.6 billion in assets under management, with as much as $38.6 billion, or 73% of all funds, allocated to GBTC. However, the trust comes with a number of disadvantages, such as a six-month lock-up period on the investments and a 2% annual management fee.
The fund has also been stuck trading at a discount to Bitcoin since February this year. At press time, the GBTC discount is 15.15%.
Grayscale Bitcoin Trust premium or discount to Net Asset Value (NAV). Source: Ycharts.
Per CNBC, Grayscale decided to move for a spot Bitcoin ETF immediately after the SEC approved ProShares Trust’s futures-based ETF last Friday.
According to the anonymous sources familiar with th
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