Spot Bitcoin ETF Threatens Grayscale’s Dominance, Says Bernstein

Global asset management firm Bernstein, in its latest research report published today, has revealed that Grayscale, operator of the largest Bitcoin (BTC) asset management product, with a $19 billion BTC trust (GBTC), could see its position threatened following the news of investment giant Blackrock filing for a spot Bitcoin exchange-traded fund (ETF) in the U.S. The report underscored the immense importance of a spot Bitcoin ETF for the leading cryptocurrency. Bernstein Analysts: Spot Bitcoin ETF Extremely Important According to Bernstein analysts, despite Grayscale’s product being highly inefficient, illiquid and trading at a high negative premium over the last 28 months, it generates around $380 million in annual income from transaction fees. Although the U.S. Securities and Exchange Commission (SEC) has approved multiple Bitcoin futures ETFs, it has yet to greenlight a spot Bitcoin ETF, despite numerous applications. Blackrock’s iShares division, the world’s largest asset management firm, applied earlier this month […] The post Spot Bitcoin ETF Threatens Grayscale’s Dominance, Says Bernstein appeared first on COINTURK NEWS.