The Trading Volume of Grayscale’s Bitcoin Trust Increases 4-fold

Grayscale Investments’ GBTC has seen a remarkable 400% increase in trading volume, jumping from $16.1 million to $80 million, in response to BlackRock’s application to the SEC for a Bitcoin ETF.

On October 2021, the company had submitted the pertinent application, yet the SEC has delayed decision since then and further pushed back the date in both December of the same year and February 2022.

On June 30, Grayscale began legal proceedings with the regulator after their disappointment in a negative response.

Bloomberg analyst James Seiffert expressed concern, expressing that the potential approval of BlackRock’s request could jeopardize the value of GBTC and lead to pressure on product fees.

To date, Grayscale has earned over $230 million from crypto ETFs, with administrations fees ranging from 2-2.5%. Their total AUM totals $23.5 billion