ProShares' Bitcoin Strategy ETF (BITO) - a bitcoin futures fund offered in the U.S. - hit a high of $1.47 billion in assets under management this week, surging past a record set in December 2021. The increase indicates renewed institutional demand for bitcoin (BTC) as a flurry of bitcoin spot exchange-traded fund (ETF) applications were filed in the U.S.
Grayscale, the manager of the Grayscale Bitcoin Trust (GBTC), is updating the trust's agreement for the first time since 2018, according to a Wednesday filing. The aim is to optimize GBTC's structure for an anticipated change to a spot bitcoin ETF and level the playing field when it comes to other applicants including asset-management giant BlackRock. The update, which will be put out for a shareholder vote, involves two proposed modifications to the trust agreement. The first allows fees, which had been collected by Grayscale on a monthly basis, to be payable daily. This is a structural tweak and not part of a fee reduction - something Grayscale has committed to, but which has not been finalized - a company spokeswoman said.
Cathie Wood's investment management firm ARK Invest sold a further $5 million worth of Coinbase (COIN) stock on Wednesday while buying $2 million of shares in trading platform Robinhood (HOOD) and $1.5 million of online bank SoFi Techno
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