Grayscale's Bitcoin Trust (GBTC) Records Growth Following Change to ETF

By: Eva Baxter

Overview

Grayscale's Bitcoin Trust (GBTC), upon its transformation into an Exchange Traded Fund (ETF), experienced a rise in its value by around 4%. The change was confirmed by Senior Bloomberg ETF analyst, Eric Balchunas and placed GBTC as the ETF with the highest fees of 1.5%. Despite these fees, GBTC's market value experienced an uptick, trading at $42.28, according to Yahoo Finance.

During the 2021 bull run's peak, GBTC was trading around $50 per share, hinting towards potential further growth. GBTC's transition to an ETF closed the discount to its Net Asset Value (NAV), aligning its market price closer to its underlying assets' actual value. Concurrently, Blackrock ETF IBIT, trading up by 25%, highlights the fierce competition amongst ETF providers in the trading landscape of digital assets.