{"id":217167,"date":"2021-04-02T04:55:27","date_gmt":"2021-04-02T01:55:27","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/canadas-purpose-bitcoin-etf-may-be-cutting-into-grayscales-market-share\/"},"modified":"2021-04-02T04:55:27","modified_gmt":"2021-04-02T01:55:27","slug":"canadas-purpose-bitcoin-etf-may-be-cutting-into-grayscales-market-share","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/canadas-purpose-bitcoin-etf-may-be-cutting-into-grayscales-market-share\/","title":{"rendered":"# Canada&#8217;s Purpose Bitcoin ETF may be cutting into Grayscale&#8217;s market share"},"content":{"rendered":"<p>&#8220;<strong># Canada&#8217;s Purpose Bitcoin ETF may be cutting into Grayscale&#8217;s market share <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvOTliNTJiOTAtODM4Yy00MjUwLWFkMDctYjUwMTU2NWJiMmRiLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>For the first time, shares in Grayscale\u2019s Bitcoin Trust traded at a discount compared to spot BTC for an entire month.<\/p>\n<p>Rafael Schultze-Kraft, the CTO of on-chain analytics provider Glassnode, shared the observation to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> on April 1, noting shares in the institutional fund manager\u2019s Bitcoin Trust had traded at a notional discount of -6% on average during March.<\/p>\n<p>He noted the discount in Grayscale\u2019s BTC shares has coincided with the launch of the Purpose Bitcoin ETF in Canada \u2014 which has accumulated 16,000 BTC worth roughly $940 million since launching in late February.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">3\/ The drop in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24GTBC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$GTBC<\/a> premium coincides with the launch of the Purpose <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> ETF \u2013 which could&#8217;ve drawn investment away from GBTC.<\/p>\n<p>The ETF has accumulated more than 16k BTC in over a month. (Still dwarfed by Grayscale&#8217;s 654k BTC holdings).<\/p>\n<p>Chart: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/o0AtdTEQsD\">https:\/\/t.co\/o0AtdTEQsD<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/AGINo51TMy\">pic.twitter.com\/AGINo51TMy<\/a><\/p>\n<p>\u2014 Rafael Schultze-Kraft (@n3ocortex) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/n3ocortex\/status\/1377659995353980938?ref_src=twsrc%5Etfw\">April 1, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Glassnode\u2019s CTO is not alone in speculating the launch of North America\u2019s first Bitcoin ETF may be siphoning institution away from Grayscale, with Galaxy Digital\u2019s Mike Novogratz <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/novogratz\/status\/1375773763929772037\">tweeting<\/a>:<\/p>\n<blockquote><p>\u201c[Grayscale] used to be the only <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> in town. Now have an ETF in Canada that charges 40 bp. And there are many funds here in the USA with very low fee structures.\u201d<\/p><\/blockquote>\n<p>Two Bitcoin and crypto ETFs were also <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved by Brazil\u2019s Securities and Exchange Commission earlier this month.<\/p>\n<p>Schultze-Kraft noted the Trust\u2019s Bitcoin holdings have been flat over recent weeks, stating this was: \u201cNot surprising, as subscribing to create new<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24GBTC&amp;src=cashtag_click\"> $GBTC<\/a> shares makes little sense as long as existing shares are trading at a discount.\u201d<\/p>\n<p>Grayscale allows accredited investors to create baskets of shares that represent BTC or other digital assets by depositing fiat. Grayscale then deposits a corresponding quantity of crypto into its trusts, with investors facing a six-month lock-up period after which they can sell their shares using over-the-counter, or OTC, markets.<\/p>\n<p>With Grayscale\u2019s shares historically trading at a premium over the spot crypto markets, many institutional investors have invested in the Trust as an arbitrage play, speculating the sizable spread would offset the 10% holding and interest fees associated with the six-month lock-up.<\/p>\n<p>Grayscale currently boasts <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/bybt.com\/Grayscale\">$45.6 billion<\/a> in assets under management across its 13 Trusts, following the launch of five new Trusts last month. Its new Decentraland (MANA) Trust represents $17.4 million, followed by Livepeer (LPT) with $12.3 million, Filecoin (FIL) with $8.5 million, Basic Attention Token (BAT) with $3.7 million, and Chainlink (LINK) with $3.5 million.<\/p>\n<p>While all of Grayscale\u2019s newly supported assets have seen significant gains over recent weeks, Filecoin\u2019s performance has topped the list with a 105% gain this past week according to CoinMarketCap. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/canada-s-purpose-bitcoin-etf-may-be-cutting-into-grayscale-s-market-share\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Canada&#8217;s Purpose Bitcoin ETF may be cutting into Grayscale&#8217;s market share &#8221; For the first time, shares in Grayscale\u2019s Bitcoin Trust traded at a discount compared to spot BTC for an entire month. Rafael Schultze-Kraft, the CTO of on-chain analytics provider Glassnode, shared the observation to Twitter on April 1, noting shares in the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":217168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvOTliNTJiOTAtODM4Yy00MjUwLWFkMDctYjUwMTU2NWJiMmRiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,75849,76176,76550],"class_list":["post-217167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-etf","tag-filecoin","tag-grayscale"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/217167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=217167"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/217167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/217168"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=217167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=217167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=217167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}