Bitcoin
$62,806.18-1.23%
Ethereum
$3,159.64-4.62%
Binance Coin
$590.53-2.36%
Solana
$134.48-5.42%
XRP
$0.51436953-0.95%
Dogecoin
$0.14196763-5.42%
Toncoin
$5.23-5.09%
Cardano
$0.45347836-3.01%
Shiba Inu
$0.00002372-4.12%
Avalanche
$34.81+0.00%
Tron
$0.11829510-1.87%
Wrapped Bitcoin
$62,814.74-1.54%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
29
DAYS
19
HR
05
MIN
32
SEC
Markets

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

By Jamie Crawley, Ian Allison
AccessTimeIconJan 11, 2024 at 11:07 a.m. UTC
Updated Mar 9, 2024 at 2:16 a.m. UTC
Grayscale advert at the World Trade Center PATH station in New York (Nikhilesh De/CoinDesk)
Grayscale ad at the World Trade Center PATH station in New York (Nikhilesh De/CoinDesk)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Edited by Parikshit Mishra.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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 employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley
Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter
Ian Allison
Ian Allison

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

Follow @IanAllison123 on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.