Grayscale stock volumes surged after BlackRock filed for a Bitcoin ETF.
Trading volume of the Grayscale Bitcoin Investment Trust has increased 400 percent since asset management firm BlackRock applied for a spot bitcoin ETF.
Grayscale Bitcoin Investment Trust Rises After BlackRock Bitcoin ETF Volumetrics
Following BlackRock’s application, GBTC’s daily trading volume increased from $16.1 million to $80 million.
Trading volume of Grayscale’s Bitcoin Investment Trust (GBTC) has increased 400 percent since asset management firm BlackRock applied for a spot Bitcoin ETF. On June 14, GBTC’s daily trading volume was $16.1 million. However, just five days after BlackRock’s application, volume had risen to nearly $80 million, which saw a significant 400 percent increase in volume.
Rebecca Stevens, research analyst at The Block Research, made the following statements:
“Grayscale’s proposal to convert GBTC into a spot Bitcoin ETF was rejected last year. The optimism surrounding BlackRock’s spot Bitcoin ETF offering will open up a clearer avenue for Grayscale to transform its non-redeemable trust shares as well.”
The US Securities and Exchange Commission (SEC) rejected Grayscale’s attempt to convert the Bitcoin Trust into a spot ETF on June 29, 2022. But that same day, Grayscale filed a lawsuit against the SEC to appeal the decision.
