Grayscale Market Share may be affected by Canada’s Purpose Bitcoin ETF

Grayscale Market Share may be affected by Canada's Purpose Bitcoin ETF

The Shares in Grayscale’s Bitcoin trust have spent an entire month trading at a discount compared to spot BTC for the first time following the launch of Canada’s first Bitcoin ETF.

Shares in the Institutional fund manager’s Bitcoin trust had traded at a notional sicount of 6% on average during March, as shared by Rafael Schultze-Kraft, the CTO of on-chain analytics provider Glassnode on his twitter handle omn 1 April.

Rafael also observed that the the discount in Grayscale’s BTC shares has coincided with the launch of the Purpose Bitcoin ETF in Canada — which has accumulated 16,000 BTC worth roughly $940 million since launching in late February.

However, Mike Novogratz the CEO of Galaxy Digital equally tweeted that ETF in Canada will take over from Grayscale that use to be the only game in town. Currently there is an ETF that the charges are 40 bp.  There low fee structures as regards tyo myriads of funds presently.

Earlier this month, the Brazil Securities and Exchange Commission approved two Bitcoin and Crypto ETF.

Schultze-Kraft noted the Trust’s Bitcoin holdings have been flat over recent weeks, stating this was: “Not surprising, as subscribing to create new $GBTC shares makes little sense as long as existing shares are trading at a discount.”

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