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.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.