Grayscale Crypto Trust Revenue Hits Yearly High

What is Grayscale Investments?  Explains ForkLog
What is Grayscale Investments?  Explains ForkLog

The Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) crypto-currency trusts generated about $44.13 million in revenue in June. The figure last reached comparable levels in May 2022.

Grayscale income from GBTC and ETHE. Data: The Block.

GBTC has received $32.24M and ETHE has received $11.89M. At the time of writing, AUM are $18.94 billion and $5.56 billion, respectively.

Meanwhile, the divergence of the bitcoin trust quotes relative to the net asset value (NAV) has recovered to levels of 31.32%. The GBTC discount began to form at the beginning of 2021 amid the departure of Barry Silbert from the position of CEO.

Dynamics of GBTC premium/discount to NAV. Data: The Block.

The interest rate of GBTC is 2% per annum, and ETHE is 2.5%.

In June, the trading volume of the Grayscale bitcoin trust increased by 400%: from $16.1 million to $80 million. This is how the market reacted to BlackRock filing an application with the US Securities and Exchange Commission (SEC) to create a bitcoin ETF.

In October 2021, Grayscale submitted a similar request. On December 17, the regulator postponed making a decision on the appeal until February 2022. On June 30, Grayscale sued the SEC after a negative response.

Recall that in March, the current head of the company, Michael Sonnenschein, called the conversion of a bitcoin trust into an ETF a top priority.

Grayscale also admitted that the Commission violated the law when approving futures exchange-traded funds based on the first cryptocurrency.

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