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Grayscale Bitcoin Trust Rakes In More Cash Than Almost Every ETF

Sept. 3, 2020, 3:49 PM

Regulators’ reluctance to approve a Bitcoin exchange-traded fund might be behind the massive inflows for the Grayscale Bitcoin Trust.

The Bitcoin trust from Grayscale Investments LLC, ticker GBTC, has attracted $2.37 billion since December 2017, including $1.59 billion in 2020. That’s better than 97% of ETFs currently listed in the U.S., according to Bloomberg Intelligence.

“GBTC is in a unique position because it’s currently the only viable ‘physical’ Bitcoin product that fits into the legacy financial system,” said James Seyffart, ETF analyst at Bloomberg Intelligence. “Absent an ETF launch, I would expect that to continue to expand in spite ...

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