Grayscale Bitcoin Trust is on track to become a full-fledged spot Bitcoin ETF.
But if you haven't figured it out yet, GBTC is already a massive product.
Two statistics: ⁃GBTC has an AUM of about $25 billion, which is half that of the gold ETF GLD. ⁃GBTC controls about 620 thousand bitcoins, which is more than half of what Satoshi is believed to control.
When they are converted into ETFs, they will already be operating at scale.
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