GBTC trading volume spikes 400% after BlackRock files for bitcoin ETF

Companies • June 20, 2023, 2:17PM EDT
theblock

Quick Take

  • The Grayscale Bitcoin Investment Trust spiked from $16.1 million to $80 million in daily trading volume after BlackRock filed for a spot bitcoin ETF. 

Trading volume of Grayscale's Bitcoin Investment Trust (GBTC) has increased 400% since asset management firm BlackRock filed for a spot bitcoin ETF. 

On June 14, just one day before the filing, the daily trading volume of GBTC was $16.1 million. That volume increased to nearly $80 million just five days after BlackRock's filing, spiking about 400% in volume. 

Grayscale optimism

"Grayscale's proposal to convert GBTC into a spot bitcoin ETF was rejected last year, and although Grayscale has been fighting the decision, there has been no final ruling," said Rebecca Stevens, a research analyst at The Block Research. "Optimism around BlackRock being successful in their bid for a spot bitcoin ETF would then pave a clearer way for Grayscale to get their non-redeemable trust shares changed, too."

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The Securities and Exchange Commission rejected Grayscale's attempt to turn its Bitcoin Trust into a spot ETF on June 29, 2022. The firm subsequently sued the SEC on the same day in an attempt to challenge the decision. 


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

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