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

AccessTimeIconJan 11, 2024 at 11:07 a.m. UTC
Updated Jan 26, 2024 at 5:13 p.m. UTC
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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.

UPDATE (Jan. 11, 11:30 UTC): Adds details on GBTC pricing, IBIT premium.

Edited by Parikshit Mishra.

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Ian Allison

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.


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