The low-cost variant of GBTC demonstrated positive flows on a day that was characterized by extensive withdrawals.
According to data from Farside Investors, Grayscale’s Bitcoin Mini Trust established a robust foundation on Thursday, its second trading day, by earning $191 million. From its initial day of $18 million, the surge represents a 960% increase.
Grayscale Investments’ ongoing endeavors to attract investors with a low-cost option for obtaining exposure to Bitcoin are evident in the fund, which operates under the BTC ticker. Grayscale’s BTC is the most cost-effective spot Bitcoin exchange-traded fund (ETF) available, with a sponsor fee of 0.15%.
The micro fund is also anticipated to mitigate the selling pressure on the Grayscale Bitcoin Trust (GBTC) and secure a portion of GBTC’s capital outflows.
BTC’s aggregate net inflows have reached $209 million as a result of Thursday’s increase. As per the most recent data from Grayscale, its market value is approximately $1.7 billion.
Conversely, on Thursday, GBTC disclosed net outflows of approximately $71 million. After its conversion to an exchange-traded fund (ETF), the fund’s aggregate loss exceeded $19 billion.
Other competing ETFs, such as VanEck’s HODL, ARK Invest/21Shares’ ARKB, Bitwise’s BITB, and Fidelity’s FBTC, also experienced capital withdrawals.
BlackRock’s Bitcoin ETF (IBIT) concluded the day with nearly $26 million in net inflows. In total, these Bitcoin ETFs in the United States generated more than $50 million in revenue.
Also Read: Morpho Labs raises $50 million from Ribbit Capital
Wallets