Grayscale, a subsidiary of Digital Currency Group, experienced its best month in estimated revenues since May 2022, earning approximately $44.13 million from its Grayscale Bitcoin Trust (GBTC) and Ethereum fund, ETHE. This calculation is based on the funds’ total U.S. dollar holdings multiplied by Grayscale’s fees, with GBTC having a 2% annual fee and ETHE having a 2.5% annual fee. The recent filing of a spot bitcoin ETF by BlackRock has revitalized the struggling crypto asset management market, resulting in nearly $200 million in inflows for funds. Following BlackRock’s filing, other firms like Bitwise, Invesco, and WisdomTree have resubmitted their applications for a spot bitcoin ETF. Grayscale is also seeking to upgrade GBTC to a spot bitcoin ETF but is currently in a legal battle with the U.S. Securities and Exchange Commission. The upgrade could impact Grayscale’s valuation and result in potential outflows if GBTC converts to an ETF.
Continue reading on Theblock.com
