Grayscale has a “massive” head start, but will the Wall Street firms like BlackRock and Fidelity soon overtake GBTC?
For years, institutions seeking Bitcoin exposure went to Grayscale Investments, with its more than $28 billion in BTC assets under management (AUM) dwarfing its closest competitor several times over.
All that changed on Jan. 11, when 10 firms launched spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States for the first time after finally securing approval from the U.S. Securities and Exchange Commission (SEC). The firms included Grayscale, which converted its decade-old Grayscale Bitcoin Trust (GBTC) to an ETF.
Jan. 11 was a singular moment, not only for the crypto world but also for Wall Street. “It’s rare you get a new asset class into the lexicon of ETFs,” Todd Sohn, ETF strategist and managing director at Strategas Asset Management, told Cointelegraph. “We had equities back in 1993, bonds in 2002 and gold in 2004.”
