Based on recent news, we noticed that the Cryptocommunity
Let's sort it out 👇
@Grayscale 's growth strategy includes transforming GBTC into an ETF.
The company was founded in 2013 by Barry Silbert, the owner of Digital Currency Group (@DCGco )
Grayscale's first product was GBTC, a cryptocurrency trust which is sold to accredited investors.
It solves a legal issue for institutional investors and allows them to avoid the issue of secure storage of large amounts of Crypto
@Grayscale trusts trade at a premium to the underlying asset's spot price and the company charges a 2% management fee. This makes sense for long-term and large investors.
The biggest problem is that they hold about 12b of BTC and we definitely don't want to see such sales pressure on the market 📉
Based on the news, we may get such a scenario soon, so do not rush to long
crypto cryptomarketnews GBTC
You can check what is happening with their funds here 👇this twitter thread.