The discount to net asset value (NAV) of Grayscale's Bitcoin Fund (GBTC), the largest Bitcoin (BTC) investment vehicle, fell to 0% for the first time since February 2021. The company received the all-clear from the US Securities and Exchange Commission (SEC) on Wednesday decided to convert the fund into a spot Bitcoin exchange-traded fund (ETF), which was launched on Thursday along with 10 other ETFs with the Trade began. The fund traded at a discount to the price of the bitcoins it held, hitting a record low of nearly 50% in December 2022. GBTC's discount to net asset value began to narrow significantly when ETF approval expectations emerged a few months ago, increasing Bitcoin sentiment.
Franklin Templeton cut the fee on its Bitcoin (BTC) ETF to 0.19% of net assets, making it the cheapest among the new investment products. San Mateo, California-based Franklin Templeton has cut the fee on its Bitcoin ETF (EZBC) from 0.29%, according to a filing with the (SEC) on Friday. The 10 basis point reduction makes the fund's fee the lowest, surpassing Bitwise's 0.2%. The fund manager is waiving fees until August 2 until the fund reaches $10 billion in assets under management (AUM).
UBS, the Zurich-based banking giant, will allow some clients who want to trade Bitcoin ETFs to do so under certain conditions, according to a person familiar with the matter. According to a person close to UBS who did not want to be identified, the terms are: UBS cannot request the trades and accounts with a lower risk tolerance cannot buy them. A UBS spokesman declined to comment. Citigroup, on the other hand, “is currently offering our institutional clients access to the recently approved Bitcoin ETFs from an execution and asset management perspective,” a spokesperson told CoinDesk on Thursday. The New York-based bank is “evaluating the products for individual wealth clients.”
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