Grayscale Acquires an Additional $1B Worth of Bitcoin Announces ETF Plan
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Grayscale has announced that it recently acquired an additional $1 billion worth of Bitcoin (BTC) over 24 hours. The recent purchase has brought the investment company’s total assets under management to $46.1 billion.
The cryptocurrency-focused investment firm increased its total AUM by about $3 billion shortly after the company expanded its crypto-trust offerings by five additional tokens for its accredited investors.
The Grayscale Bitcoin Trust (GBTC) now makes up 82.6% ($38.1B) of Grayscale’s total AUM, while Ethereum Trust (ETHE) makes up 14.2% ($6.6B). The remaining 3.2% of trusts include other crypto assets, including Bitcoin Cash and Litecoin.
The five added tokens to Grayscale’s investment basket, including Filecoin, LIvepeer, Basic Attention Token, MANA, and LINK, posted huge gains following the announcement. The CEO of the company, Michael Sonnenshein, explained that the tokens got added to the fold, following requests from clients for exposure to more crypto assets.
Meanwhile, Grayscale has revealed that it plans on converting the GBTC into a Bitcoin exchange-traded fund (ETF), despite the stern opposition towards BTC ETFs by the US SEC.
However, unlike other investment companies that applied for ETF with the SEC using S-1 forms, Grayscale will maintain its resolve to convert GBTC into an ETF with hopes the US regulatory space opens up to BTC ETFs.
Key BTC Levels to Watch — April 11
Following its recent journey to the $61,000, Bitcoin appears to have fallen into another bearish/sideways momentum around the $60k area. Meanwhile, the benchmark cryptocurrency is currently trading in a wedge pattern, indicating that a spike to the upside or downside is imminent.
However, based on the current position of our hourly MACD indicator BTC is in neutral conditions from a recent correction and is more likely to spike towards the upside in its next big move.
Meanwhile, our resistance levels are at $60,500, $61,000, and $61,785, and our key support levels are at $57,000, $56,700, and $56,000.
Total Market Capitalization: $2.06 trillion
Bitcoin Market Capitalization: $1.11 trillion
Bitcoin Dominance: 54%
Note: cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
