Grayscale Mini Version of Grayscale Investment Bitcoin Bitcoin
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Trust (GBTC) began trading on Wednesday, shortly after receiving approval from the U.S. Securities and Exchange Commission.
According to a statement released by Grayscale, the spot Bitcoin exchange listing product began trading at 4 a.m. ET on Wednesday after the registration statement became effective. The SEC Approved Last week, Form 19b-4 for that product came out.
“We think there’s going to be a lot of interest from investors looking for really cheap exposure to bitcoin,” Zach Pandl, Grayscale’s head of research, told The Block. “We’re a customer-centric organization and we’re trying to build a product that gives our customers the best access to crypto, so we’ll see how the first few days of trading go.”
According to the S-1, the trust, which uses the “BTC” ticker symbol, will be a “spinoff” of GBTC, with new shares of the mini-trust designed to be distributed to GBTC shareholders in exchange for GBTC donating a certain amount of bitcoin to the trust. filing Posted in March, a similar spinoff was approved earlier for Grayscale’s Ethereum product. Mini versions of both Bitcoin and Ether products are traded on the NYSE Arca.
“The timing of this launch is great,” Pandl said. “There is a lot more mainstream interest in cryptocurrencies today, partly because the Fed is looking to cut rates, and partly because of the presidential race and Trump’s platform, which could call for a weaker dollar to support domestic manufacturing. Investors are holding bitcoin for these kinds of macro trends.”
Assets like Bitcoin compete with the dollar, and low interest rates have a negative impact on the U.S. dollar and a positive impact on assets like gold and Bitcoin, Pandl explained. This is because GOP presidential candidate Donald Trump said he Reorganize It weakens the value of the US dollar and slows down domestic manufacturing.
“We’ll have to see how this all plays out, but I think a continued weak dollar is exactly the scenario where investors should be holding Bitcoin in their portfolios,” Fan said.
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