Grayscale Investments has filed for a so-called covered call ETF to monetize its GBTC positions, a day after receiving approval from the Securities and Exchange Commission for a spot Bitcoin ETF.
“The Grayscale Bitcoin Trust Covered Call ETF seeks to participate in the price return of the Grayscale Bitcoin Trust while providing and delivering current income.” Form N-1A It was received on Thursday afternoon.
The fund will not invest directly in digital assets, according to the filing.
“So it begins…” said Nate Geraci, president of The ETF Store, in a post about X. “We actively manage our exposure to GBTC and buy/sell call and put options using GBTC as the reference asset. We look forward to seeing all variations of the Spot Bitcoin ETF.”
The new filing comes just hours after Grayscale’s spot Bitcoin ETF, GBTC, began trading along with 10 other ETFs on Thursday morning. The trading volume of the product is Sum As of this afternoon, it was over $4 billion.
Grayscale’s ETFs are leading the way in the following ways: Trading volume as of 3:02 PM ET was $1.9 billion, according to Yahoo Finance data compiled by The Block. ETFs from BlackRock and Fidelity came in second and third with $942 million and $628 million in trading volume, respectively.
Analysts have pointed out that a significant portion of GBTC’s trading volume could be leaked as shareholders reap profits or move to funds with lower fees.
historical movement
The SEC approved 11 spot Bitcoin ETFs on Wednesday, with SEC Chairman Gary Gensler voting approval for the products.
Following last summer’s decision by three judges in a D.C. court ruling that the SEC must reexamine Grayscale Investments’ bid for a spot Bitcoin ETF, Gensler said in a statement released Wednesday that it is now time to move on.
“Based on these circumstances and what was discussed in more detail in the approval order, the most sustainable path is to authorize the listing and trading of spot Bitcoin ETP shares,” Gensler said. name.
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