Grayscale’s GBTC, considered one of first Bitcoin-based OTC-traded merchandise, celebrates tenth anniversary with huge rebranding marketing campaign
One of the influential crypto market actors of final bullish rally celebrates a decade of operations. Grayscale approaches its birthday with anticipation of the SEC verdict relating to its new merchandise.
Grayscale celebrates tenth anniversary, CEO Sonnenshein declares rebranding
U.S. asset supervisor Grayscale, operator of OTC-traded cryptocurrency trusts, has turned 10. Its first and flagship product, Grayscale Bitcoin Trust (GBTC), was additionally launched 10 years in the past as Bitcoin Funding Trust. Grayscale CEO Michael Sonnenshein congratulates the workforce, companions and buyers of all of Grayscale’s merchandise.
To rejoice this main milestone completed, Grayscale initiated an enormous rebranding of its predominant web site and identification, CEO Sonnenshein added.
Per the press launch shared by Grayscale, the workforce introduces a brand new model imaginative and prescient and model mission for the following interval of improvement as a part of the rebranding initiative:
New Model Imaginative and prescient: “Grayscale creates a share of the long run for everybody.” New Model Mission: “Grayscale brings new funding alternatives to scale.”
Regardless of a extreme recession on all cryptocurrency markets, Grayscale’s GBTC is up by 130% in 2023. The product is buying and selling at $18.9 on over-the-counter (OTC) platforms.
Grayscale Bitcoin Trust stays among the many largest Bitcoin (BTC) stakes allotted by a personal entity. In keeping with Coinglass, it amassed virtually 623,000 Bitcoins (BTC), which roughly equals $16.3 billion.
ETF ambitions after main authorized win: What’s subsequent for Grayscale?
Grayscale’s trusts are pivotal components of the worldwide investing ecosystem as they supply buyers with publicity to digital asset efficiency with out the necessity to maintain any cryptocurrency “bodily,” in custody or by way of on-chain wallets.
On Aug. 29, 2023, Grayscale scored a serious victory in its battle with the U.S. SEC. The D.C. Circuit Courtroom of Appeals dominated out that the SEC’s determination to disclaim Grayscale’s proposal was “arbitrary and capricious.” This determination allowed Bitcoin (BTC), the biggest cryptocurrency, to leap to its native excessive of $27,740.
In addition to that, Grayscale filed with the U.S. SEC to request approval for its Ethereum-based product, a Grayscale Ethereum Futures ETF. The SEC’s verdict is anticipated to return in This fall, 2023.