If earlier the average daily trading volume of GBTC shares reached $16.1 million, then at the moment the indicator grew to $80 million.. As noted by analysts at The Block, there is a certain optimism in the cryptocurrency industry about the application – experts believe that the likelihood of approval of the ETF on bitcoin from BlackRock is quite high.
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“Grayscale has previously repeatedly applied to convert the GBTC fund into a spot bitcoin ETF, but the Securities and Exchange Commission (SEC) rejected the application. However, if the SEC approves the creation of a bitcoin ETF by BlackRock, it could also lead to a GBTC fund conversion,” said The Block Research analyst Rebecca Stevens.
Recall that BlackRock applied to launch a bitcoin cell ETF last week. Coinbase Custody Trust Company will be the custodial service for the fund’s client assets, and the Bank of New York Mellon will hold the fiat funds.