Grayscale Finally Turns it Around
GBTC sees inflows for first time since spot ETF conversion.
GBTC Goes Big. The Grayscale Bitcoin Trust (GBTC) experienced its first net inflow since converting to a spot ETF! Did we just enter a more bullish paradigm, or is there an alternative explanation for this unexpected inflow?
Bitcoin was much less institutionalized during the last bull run, but investors could still leverage GBTC to gain BTC exposure through a traditional brokerage account.
At this time, net new buys were restricted to accredited investors and subject to a lock up period – initially 12 months and later reduced to 6 months – before they could sell those shares on the market, causing shares to trade at a massive premium to net asset value (NAV) as retail investors feverishly sought to ape BTC through a convenient and regulated avenue.
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Jack Inabinet
Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.
