Less than two months after launching trading for shares of its Bitcoin trust, Canada-based investment manager Ninepoint Partners is planning to change its offering to an exchange-traded fund. In an announcement on March 3, Ninepoint said it would be holding a vote for unitholders to decide on whether to convert its existing Bitcoin (BTC) trust to an exchange-traded fund, or ETF, on the Toronto Stock Exchange. The firm said the move is intended to provide a better trading price and increased trading liquidity. Investors will be able to vote on the matter on April 19. "Ninepoint's Bitcoin Trust IPO was …

Shares in Grayscale Investments' Grayscale Litecoin Trust, or LTCN, have been trading at a whopping 1,800% premium over the market rate of their underlying asset, Litecoin (LTC). $319 per Litecoin? This difference is primarily due to retail investors' inability to purchase shares directly from Grayscale Investments, whose funds are aimed exclusively at accredited investors. It costs $319 to buy a share in Grayscale Litecoin Trust. However, its LTC holdings per share are currently worth just $16.42. That means it's almost 20 times more expensive to buy Litecoin via the trust than regular spot exchanges. LTCN shares have recently traded for …

Grayscale Bitcoin Trust ($GBTC) is currently the largest listed cryptocurrency asset with $30.17 billion in assets under management. The firm currently holds more than 655,730 BTC and the security is tradable in the United States through over-the-counter markets. How is GBTC different from a Bitcoin ETF? The fund was launched in 2013 and the Grayscale Bitcoin Trust became the preferred institutional vehicle in the U.S. for BTC due to the lack of a Bitcoin exchange-traded fund (ETF). Investment trust funds are regulated by the U.S. Office of the Comptroller of the Currency (OCC) and they are designed exclusively for accredited …

Bitcoin (BTC) has been outperforming Ether (ETH) in the past several days as BTC surged above $50,000 for the first time in history. Meanwhile, one popular cryptocurrency trader explains that this is "simple math" given the growing institutional demand for BTC. While ETH is beating BTC in USD terms year-to-date, Bitcoin is gaining steam in February, up 60% compared to Ether's 50%. Ether did rally by roughly 6% over the last 24 hours as Grayscale added 20,000 ETH to its Ethereum Trust. However, Grayscale's BTC stash is worth $34 billion, which dwarfs its ETH holdings of $5.8 billion. More institutional …

Bitcoin (BTC) may have traded sideways for much of last month thanks to Grayscale, but the status quo will soon change. According to data from on-chain analytics resource CryptoQuant, the price premium of the Grayscale Bitcoin Trust (GBTC) just hit its lowest since April 2019. Grayscale lock-up ends Wednesday Grayscale has made the headlines frequently this year thanks to record BTC purchases and record demand, but despite the inflows, BTC/USD has not continued to gain. As February begins, the Trust’s purchase premium is at around $6.50, having previously been as high as $40 over the course of its existence. This …

Canada-based investment manager Ninepoint Partners has launched trading for shares of the firm’s Bitcoin trust on the Toronto Stock Exchange. According to an announcement today, Ninepoint has completed an initial public offering for its Bitcoin trust for $230 million Canadian dollars, or roughly $180 million U.S. dollars. The investment firm said that it would be issuing three different classes of 17,990,491 units at a price of $10, more than 7 million of which are available for trading on the Toronto Stock Exchange under the ticker symbols BITC.U and BITC.UN for U.S. and Canadian dollars, respectively. Ninepoint co-CEO and managing partner …

Asset manager Grayscale added 18 times more Bitcoin (BTC) than miners added to the supply in just one day on Jan. 18. As various data sources confirm, Grayscale, which remains the biggest institutional buyer in the Bitcoin space, purchased a total of 16,244 BTC ($607 million) on Monday. BTC buys accelerate again The giant sums are some of the biggest on record and are an order of magnitude above what even Grayscale was attempting just last week. The company previously saw daily buys but stopped over the holiday period and reduced its allocations in the first week of the new …

Institutional investors continued to pile into Grayscale products in the fourth quarter, highlighting the continued urgency for exposure to Bitcoin (BTC) and Ethereum (ETH) Total investments into Grayscale’s family of products reached $3.3 billion in the final quarter of 2020, which translated into average weekly inflows of $250.7 million, the digital-asset manager reported Thursday. That’s a threefold increase from the third quarter when Grayscale products raked in $1.05 billion. Grayscale’s Bitcoin Trust generated $217.1 million in average weekly inflows. The Ethereum Trust saw an average of $26.3 million in new capital invested. Ninety-three percent of new investments came from institutional …

The price of Bitcoin (BTC) has extended its recovery on Jan. 14, reclaiming the $38,000 level. What's more, the weekly candle has now turned green for the fifth consecutive week despite the 28% crash earlier this week. Meanwhile, stablecoin deposits are flooding into cryptocurrency exchanges, according to data from CryptoQuant. This inflow may act as a short-term catalyst for Bitcoin as it suggests that sidelined capital is moving back into BTC. Why are stablecoins indicative of strong buyer demand for Bitcoin? In the cryptocurrency market, many traders sell crypto assets, like Bitcoin, to stablecoins rather than cash. Stablecoins, such as …

The daily volume of the CME Bitcoin futures market and LMAX achieved a new all-time high on Monday. The data shows that institutional demand for Bitcoin (BTC) is rapidly surging as major public funds continue to accumulate. Institutional appetite for Bitcoin is accelerating According to analysts at Arcane Research, the daily volume of LMAX Digital reached a record-high at $2.62 billion. LMAX is a trading platform that tailors to institutional and accredited investors, unlike retail-focused platforms such as Coinbase and Binance. Arcane Research’s head of research, Bendik Norheim Schei, wrote: “Want another ‘Institutional investors are here’ chart? Here's the daily …

Bybt data apparently showing a massive liquidation of XRP and Stellar Lumen (XLM) by Grayscale Investments earlier this week is inaccurate, according to the investment company. On Wednesday, a public Bybt data set suggested that Grayscale Investments reduced its exposure to XRP by roughly 9.19 million units and that the fund also cut its XLM holdings by over 9.74 million units. According to Bybt data, the net change in holdings occurred over 24 hours on Tuesday. Cointelegraph accessed the data before Grayscale released its daily assets under management report for Tuesday and noted in an article that Grayscale had reportedly …

Just two days after filing a Form D exemption with the U.S. Securities and Exchange Commission, Anthony Scaramucci’s hedge fund, Skybridge Capital, has launched its proposed Bitcoin (BTC) fund. In a Dec. 23 interview on the Yahoo Finance channel, Scaramucci claimed that the effective registration with the SEC had now been completed and the fund had been started with $25 million of SkyBridge’s own capital. The fund will be opened to accredited investors on Jan. 4, with a minimum subscription of $50,000, although Scaramucci claimed that the company was already putting together a “nice book” of preliminary orders. In the …