Grayscale Investments wants to make a new kind of investment fund that makes money by using a special type of stock and also got approval for a different type of fund that invests in bitcoin.
The Grayscale Bitcoin Trust Covered Call ETF aims to give people a way to earn money and have a share in the value of Grayscale Bitcoin Trust.
The fund won’t put money into digital assets, as stated in the paperwork.
“And now it starts…,” Nate Geraci, president of The ETF Store, said in a message on X. “We actively manage our investment in GBTC by buying and selling call and put options that are based on the value of GBTC. ” I’m going to check out all different types of bitcoin ETFs.
The new documents were filed shortly after Grayscale’s bitcoin investment fund, GBTC, started trading, along with 10 other investment funds, on Thursday morning. The amount of products sold has reached over $4 billion today.
Grayscale’s ETF has traded more than $1. 9 billion by 3:02 p. m ET, based on information from Yahoo Finance collected by The Block. BlackRock and Fidelity’s investment funds came in second and third place for trading, with $942 million and $628 million worth of shares traded.
Experts have said that a lot of the trading in GBTC might be people selling their shares to make a profit or putting their money into funds that charge less fees.
A very important action in the past
The SEC said yes to 11 new ways for people to invest in bitcoin. SEC Chair Gary Gensler agreed to allow these investments.
Three judges in D. C made a decision. During the summer, a court said the SEC had to take another look at Grayscale Investments’ request for a bitcoin ETF. Gensler said it’s time to move forward in a statement released on Wednesday.
“I believe it’s best to approve the listing and trading of these bitcoin shares based on the circumstances and discussions in the approval order,” Gensler said.