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trades based on the difference in price between GBTC’s shares and the corresponding amount of bitcoin. At the time of
Alameda’s bankruptcy, shares of GBTC were trading at a lower value than the corresponding amount of bitcoin held by the trust. Alameda's post-bankruptcy management sued Grayscale in
326:
on August 29, 2023. The move paved the way for multiple bitcoin ETFs - from ARK Investments, BlackRock, and
Fidelity, as well as Grayscale - to come to market and allow for greater adoption for both institutional and retail investors. That was due, in part, to ETFs and retail investing being more
321:
In 2022, the SEC denied the conversion of
Grayscale Bitcoin Trust into an ETF because of alleged lack of surveillance capabilities. Grayscale filed a case against the SEC arguing that the former allowed Bitcoin Futures ETF. Now, both Futures ETF and Spot ETF relied on the same underlying, i.e.,
327:
regulated than other investments and because some institutional investors are prevented from investing directly in alternative assets. Michael
Sonnenshein suggested his firm's ETF would survive, along with a few others, but most wouldn't see widespread interest and adoption.
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As of
November 2022, the Grayscale Bitcoin Trust holds one of the largest shares of bitcoin (BTC), with 643,572 BTC, worth about $ 10.6 billion, approximately 3% of all Bitcoin currently available.
569:
264:. GDLC began trading publicly in October 2019. GBTC became an SEC-reporting bitcoin investment fund in 2020. As such, it files publicly available financial disclosure forms, including the quarterly
233:(ETFs), but said the fees were to cover the costs of trading bitcoin. Grayscale sought to turn GBTC into an ETF in 2017, but voluntarily withdrew the application following negative remarks from the
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Bitcoin. Grayscale while following the same surveillance measures was denied a license. Finally, it won the case by unanimous vote in the
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248:. The following year, the company launched its fourth cryptocurrency fund, the Digital Large Cap Fund (GDLC), initially holding bitcoin,
229:, becoming the first publicly traded bitcoin fund in the United States. The company charged higher than average fees compared to similar
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Trust to its portfolio, the 16th such fund it manages. The company managed digital assets totalling $ 50 billion.
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that year. In 2015, the company became a subsidiary of
Digital Currency Group. The same year, Grayscale Bitcoin Trust (
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53:
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257:
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In 2022, Grayscale launched an ETF traded on
American, British, Italian, and German exchanges that tracks the
979:
533:
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1007:"Grayscale CEO says most of the 11 approved bitcoin ETFs won't survive, defends highest fees in industry"
759:"Grayscale-parent Digital Currency Group tops $ 10 billion valuation with SoftBank, Alphabet investments"
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39:
71:
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829:
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Grayscale Future of
Finance Index, consisting of a blend of companies, including asset managers,
377:"Crypto investment firm Grayscale rakes in $ 330 million this year despite bitcoin bear market"
346:"Crypto investment firm Grayscale sees 900% jump in assets to $ 20 billion amid bitcoin frenzy"
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593:"Exclusive: Grayscale launches new 'Digital Large Cap Fund' tied to 5 top cryptocurrencies"
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In 2017, Grayscale launched two additional cryptocurrency investment funds which held
1047:
562:"Grayscale Investments close to filing application for spot bitcoin ETF, source says"
465:"Barry Silbert Launches Digital Currency Group With Funding From MasterCard, Others"
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261:
692:"Grayscale Investments Launches Trust With Exposure To Ethereum Competitor Solana"
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659:"20 Institutional Bitcoin Investors Revealed, But Soon The List May Vanish"
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919:"FTX's trading affiliate Alameda sues Grayscale over crypto investments"
950:"Explainer: Understanding Grayscale's victory in spot bitcoin ETF case"
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857:"Bitcoin teeters after Grayscale owner DCB reveals it's $ 2bn in debt"
825:"Grayscale escalates spot Bitcoin ETF debate with lawsuit against SEC"
663:
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Sutton, Sam; O'donnell, Katy; Weaver, Aubree Eliza (July 1, 2022).
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United States Court of
Appeals for the District of Columbia Circuit
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For much of GBTC's existence, investors in the trust including
726:"Grayscale to launch digital assets ETF in UK, Italy, Germany"
20:
917:
Asgari, Nikou; Miller, Joe; Gandel, Stephen (March 6, 2023).
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403:"Crypto Firm Digital Currency Finds New Home in Stamford"
173:
498:"Public trading could begin next week for bitcoin fund"
434:"Grayscale Investments Aims to Gain Share in US ETFs"
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2023 to recover the value of the shares in bitcoin.
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founded in 2013 and based in
Stamford, Connecticut.
980:"Why a US bitcoin ETF is a game-changer for crypto"
529:"BIT Poised to Become Publicly Traded Bitcoin Fund"
302:. The denial prompted Grayscale to sue the agency.
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626:"Finra OKs OTC Listing Of Digital Currencies Fund"
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1069:Organizations based in Stamford, Connecticut
888:"FTX Wants Its Bitcoins Back From Grayscale"
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206:Grayscale was founded in 2013, launching a
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16:American digital asset management company
1059:2013 establishments in the United States
657:del Castillo, Michael (August 6, 2020).
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771:from the original on November 2, 2022
690:Ehrlich, Steven (November 30, 2021).
605:from the original on November 8, 2023
275:In 2021, the company added Grayscale
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724:Howcroft, Elizabeth (May 16, 2022).
702:from the original on August 15, 2022
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591:Roberts, Daniel (February 7, 2018).
572:from the original on August 15, 2022
496:Rosenfeld, Everett (April 1, 2015).
356:from the original on August 15, 2022
1005:Kharpal, Arjun (January 19, 2024).
898:from the original on March 11, 2023
624:Schlegel, Jeff (October 15, 2019).
527:Casey, Michael J. (March 1, 2015).
477:from the original on April 30, 2019
432:Basar, Shanny (February 18, 2022).
1064:Organizations based in Connecticut
804:from the original on July 10, 2022
738:from the original on June 22, 2022
638:from the original on July 17, 2020
444:from the original on June 25, 2022
14:
929:from the original on May 13, 2023
757:Rooney, Kate (November 1, 2021).
541:from the original on May 24, 2016
508:from the original on May 12, 2016
463:Tepper, Fitz (October 27, 2015).
375:Rooney, Kate (November 1, 2018).
344:Rooney, Kate (January 14, 2021).
42:to comply with Knowledge (XXG)'s
948:Lang, Hannah (August 29, 2023).
401:Reyes, Max (November 29, 2021).
25:
823:Harty, Declan (June 30, 2022).
886:Levine, Matt (March 7, 2023).
560:Son, Hugh (October 15, 2021).
52:Please discuss further on the
1:
792:"No holiday break for crypto"
100:; 11 years ago
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194:company and subsidiary of
152:US$ 50 billion (2021)
132:Michael Sonnenshein (CEO)
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534:The Wall Street Journal
196:Digital Currency Group
163:Digital Currency Group
34:This article contains
863:. November 25, 2022.
296:cryptocurrency miners
231:exchange-traded funds
185:Grayscale Investments
117:Stamford, Connecticut
65:Grayscale Investments
48:neutral point of view
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300:price fixing
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262:Bitcoin Cash
239:
227:OTCQX market
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113:Headquarters
79:Company type
35:
18:
1016:January 20,
990:January 20,
313:engaged in
268:and annual
1048:Categories
871:January 7,
470:TechCrunch
331:References
292:brokerages
128:Key people
82:Subsidiary
407:Bloomberg
315:arbitrage
288:exchanges
284:Bloomberg
270:Form 10-K
266:Form 10-Q
174:grayscale
54:talk page
958:Archived
927:Archived
896:Archived
865:Archived
835:Archived
802:Archived
797:Politico
775:June 22,
769:Archived
742:June 22,
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636:Archived
609:June 22,
603:Archived
576:July 14,
570:Archived
545:June 22,
539:Archived
512:June 22,
506:Archived
481:June 22,
475:Archived
448:June 22,
442:Archived
411:Archived
386:June 22,
360:June 22,
354:Archived
254:Litecoin
137:Services
87:Industry
954:Reuters
933:June 5,
902:June 5,
830:Fortune
808:July 8,
731:Reuters
225:on the
217::
208:bitcoin
202:History
169:Website
103: (
95:Founded
90:Finance
40:cleanup
696:Forbes
664:Forbes
294:, and
277:Solana
260:, and
258:Ripple
158:Parent
250:Ether
246:Zcash
215:OTCQX
211:trust
1018:2024
1011:CNBC
992:2024
966:2023
935:2023
904:2023
873:2023
843:2022
810:2022
777:2022
764:CNBC
744:2022
708:2022
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611:2022
578:2022
566:CNBC
547:2022
514:2022
502:CNBC
483:2022
450:2022
419:2022
388:2022
381:CNBC
362:2022
350:CNBC
244:and
219:GBTC
176:.com
105:2013
98:2013
235:SEC
148:AUM
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