Summary
Crypto exchange FTX has sold 22 million shares of Grayscale Bitcoin Trust (GBTC), worth close to $1 billion, since GBTC was converted into an ETF earlier this month. This has reduced FTX’s GBTC ownership to zero. Overall, GBTC has seen outflows of over $2 billion since its conversion. Grayscale, which now manages the world’s largest bitcoin ETF with over $28.6 billion in assets, expects the diverse shareholder base of GBTC to continue deploying strategies that impact inflows and outflows. The approval of multiple spot bitcoin ETFs by the US SEC has boosted the legitimacy of the cryptocurrency industry and mainstream adoption of bitcoin.
Key Points
1. FTX has sold 22 million shares worth close to $1 billion in Grayscale Bitcoin Trust (GBTC) since it was converted into an ETF earlier this month.
2. GBTC has seen outflows of over $2 billion since its conversion into an ETF, according to private data reviewed by CoinDesk and two sources familiar with the matter.
3. The U.S. Securities and Exchange Commission has approved 11 spot bitcoin ETFs, including Grayscale Bitcoin Trust, marking a significant moment in legitimizing the cryptocurrency industry and expanding bitcoin’s presence in the mainstream.