By
Temitope Olatunji
April 18th, 2024
Grayscale has shared nine job postings for ETF specialists. The leading Bitcoin trust firm has no ETF products nor filed for an ETF with the SEC.
Grayscale has been the leading Bitcoin trust with over 649,130 BTC in holding. The holding is a little over 3% of the total circulating Bitcoin and is valued at over $35B. Most of this has come this year with the firm seeing institutional and retail demand rocket. Grayscale has further set up other trusts with Ethereum, Litecoin and Bitcoin Cash being the most notable ones. These trusts allow institutions and retailers to invest in a cryptocurrency without having to hold it.
03/09/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $42.1 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $ZEC pic.twitter.com/V2PnhG3aUG
— Grayscale (@Grayscale) March 9, 2021
Having dominated with trusts, the firm might be looking to launch the first US-approved ETF. An exchange-traded fund (ETF) is one of the investment vehicles that give access to retailers and institutions without holding the asset. Its difference from trusts is that it is traded on a public market. This makes it subject to approval by the SEC in the US. Grayscale ETF speculations have surfaced following nine job listing by the firm. On Tues, Grayscale shared a link to job postings for its ETF business. The positions are on offer despite the firm having no ETF products.
Franky, the market has been crying for an ETF. With Canada now approving its first Bitcoin ETFs, many are expecting the SEC to approve the first one this year. Its case is strengthened by the recent institutional demand with the likes of Tesla and Square adding Bitcoin to their balance sheets. Grayscale has never applied for a Bitcoin ETF. But other firms including Gemini have with no success. Can the firm get it right with the first one? There is no better time and few firms are better suited.
Grayscale Bitcoin Trusts Trade at a Discount
For the first time in years, Bitcoin and Ethereum Trust traded at a discount this month. The trend reversal followed a market slump at the start of the month. As of March 04, the Bitcoin Trust (GBTC) set a record of an 11.59% discount. Is this a good or bad sign? The discounts came at a time when Bitcoin was struggling to break above hence assumed negative. But according to Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, this could be the fuel that pushes Bitcoin to $100K.
Grayscale #Bitcoin Trust Discount May Signal March to $100,000 – Bitcoin's end of February price disparities on U.S. regulated exchanges portend a firming price foundation, if history is a guide, and are evidence of just how nascent the crypto is. pic.twitter.com/qj6hfTvH8K
— Mike McGlone (@mikemcglone11) March 4, 2021
Charts shared by the analyst show that Bitcoin could go on to reach as high as $100K if history repeats itself. In 2017 when GBTC traded at a discount, Bitcoin rallied to reach $20K. McGlone believes Bitcoin has a firm foundation to reach those heights and the discount has in the past been a significant factor in price movement.