For the first time, Grayscales traded Bitcoin Trust shares at a discount versus spot BTC for a full month.
Rafael Schultz Kraft, CTO of analyst provider Glassnode, shared a note on Twitter on April 1 that the shares of the fund manager Bitcoin Trust traded at a hypothetical -6% discount on average during March.
He noted that the discount on Grayscale’s BTC stake coincided with the launch of the Purpose Bitcoin ETF in Canada, which has raised $ 16,000 million worth nearly $ 940 million since its launch in late February.
Glassnode CEO is not the only one looking forward to the launch of the first Bitcoin ETF in North America, as it may be a non-gray organization, as Mike Digital’s Mike Novogratz tweeted:
“[Grayscale] was the only game in town. You now have an ETF in Canada that takes 40 basis points. There are many funds here in the United States with very low fees. ”
Two Bitcoin ETFs and cryptocurrencies were also approved by the Brazilian Securities and Exchange Commission earlier this month.
Schultz Kraft noted that the trust’s bitcoin holdings have remained stable in recent weeks, noting that it was: “No surprise because it is pointless to subscribe for new GBTC shares in US dollars as long as existing shares trade at a discount. ”
Grayscale allows accredited investors to create baskets of stocks that represent BTC or other digital assets by depositing funds. Grayscale then deposits the appropriate amount of cryptocurrency in its trust funds as investors face a six-month lock-in period, after which they can sell their shares on the OTC or OTC market.
Since Grayscale shares have historically traded at a premium over cryptocurrency spot markets, many institutional investors have invested in Trust as an arbitrage method, believing that a large spread would compensate for 10% ownership and interest taxes associated with a six-month close.
Grayscale currently manages $ 45.6 billion in assets through 13 trusts after launching five new trust funds last month. New Decentraland Fund (MANA) presents $ 17.4 million, followed by Livepeer (LPT) with $ 12.3 million, Filecoin (FIL) with $ 8.5 million, Basic Attention (BAT) token with $ 3.7 million. Dollars and Chainlink (LINK) with $ 3.5. Million dollars.
While all of Grayscale’s recently supported assets have risen significantly in recent weeks, according to CoinMarketCap, Filecoin’s performance topped the list with a 105% gain last week.