GBTC in all saw outflows of more than $2 billion since being converted into ETF, according to the report, which cited private data reviewed by CoinDesk and two people familiar with the matter.
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“Large capital markets ETFs are used in a variety of investing strategies, and we anticipate GBTC’s diverse shareholder base will continue to deploy strategies that impact inflows and outflows,” a Grayscale spokesperson said in an emailed statement to Reuters.
Grayscale was approved to convert its existing bitcoin trust into an ETF, creating the world’s largest bitcoin ETF with more than $28.6 billion in assets under management.
The U.S. Securities and Exchange Commission has approved 11 spot bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust , Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF, after a decade-long tussle with the digital asset industry.
The approval marked a watershed moment boosting the legitimacy of the cryptocurrency industry and pushing bitcoin further into the mainstream.
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