Briefing

Grayscale announces plans to convert Bitcoin Trust to an ETF

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In a blog post, the world’s largest digital-asset manager said it’s “100 per cent committed” to converting its US$38.8-billion flagship product into an exchange-traded fund. (The Logic)

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Talking point: For years, the Grayscale Bitcoin Trust was the only way to invest in the cryptocurrency through a vehicle that reported to the U.S. Securities and Exchange Commission. Investors were willing to pay premiums that often went 30 per cent or more above the price of Bitcoin in order to avoid the risk and hassle of buying and storing the cryptocurrency directly. The launch of competing investment products in Canada and elsewhere turned that premium into a discount in March, with investors less willing to put up with high fees and a six-month lockup now that they have more options. Marlton, an activist family office and a GBTC shareholder, sent a letter to Grayscale’s board Tuesday expressing frustration with the declining value of the stock.