While Grayscale expected outflows alongside increased competition under the ETF wrapper, Q1 revenue attributable to GBTC nevertheless exceeded our expectations.
The first quarter of 2024 was marked by several exciting developments for our industry, including the approval of Grayscale's GBTC and spot Bitcoin ETFs in the U.S., and bitcoin prices reaching all-time highs in March. Against this backdrop, we are pleased to showcase a strong start to the year for DCG.
In January, Grayscale converted GBTC, which had been in existence as a closed-end fund for over a decade, into a spot ETF, becoming one of ten issuers to bring such a fund to the market. While billions flowed into the new vehicles, GBTC... experienced billions in outflows.
#dcg-revenue-increase #grayscale-performance #etf-conversion-impact #cryptocurrency-market-trends #bitcoin-price-impact
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