“#DropGold worked” – Grayscale “overturns” the largest gold fund in the world when the AUM reaches 60 billion US dollars


Bitcoin (BTC) and altcoin investment firm Grayscale now has more assets under management (AUM) than the world’s largest gold fund.

According to the latest data from issuer Grayscale, Grayscale now controls over $ 60 billion – $ 1.7 billion more than leading gold fund SPDR Gold Shares (GLD).

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Praise for Grayscale, Futures ETFs

Grayscale’s flagship Bitcoin product, the Grayscale Bitcoin Trust (GBTC), now contains over 646,000 BTC valued at around $ 41.75 billion (as of November 11).

The numbers add to the debate about gold as a store of value and protection against inflation versus Bitcoin as inflation crumbles the United States and the global economy.

With gold giving way compared to BTC / USD, the appeal of investing capital in Bitcoin has probably never made more sense.

GBTC price, stocks and premium chart. Source: Coinglass

One month after the introduction of the first Bitcoin Futures Exchange Traded Funds (ETF), the volumes are “massive,” said Bloomberg analyst Eric Balchunas this week.

The first licensed US Bitcoin futures ETF, the ProShares Bitcoin Strategy ETF, is approaching 50% of the option volume in GLD.

“I suspect the #DropGold campaign worked,” added investor and analyst Kevin Rooke, noting that GBTC has now “flipped” the GLD on AUM.

Grayscale indicates “political” involvement in the admission of spot ETFs

As Cointelegraph reported, GBTC will be converted into an ETF as early as the summer of 2022, subject to approval by the US authorities.

Similar: ProShares Bitcoin futures funds in the top 2% of all ETFs by volume

In an interview with CNN this week, Grayscale CEO Michael Sonnenshein was cool on the tense issue of regulatory approval of Bitcoin spot ETFs, with the first decision coming next week.

Gary Gensler, the chairman of the U.S. Securities and Exchange Commission remains excited about the potential for the turning point.

“However, it was interesting to see that now this is not just a regulatory problem; that has become a political issue, ”said Sonnenshein to the network.

“Last week we actually saw bipartisan support for a Bitcoin spot ETF, with the Reps. Emmer and Soto tipped in a letter to Chairman Gensler, actually demanding approval of a Bitcoin spot ETF and really wanting to ensure that there was a level playing field for investors who could choose between a futures-based product for them or a spot-based product . “

However, futures ETFs have come under subtle criticism as they have been despised by other institutional sources since October.

“We have now seen the approval of the first Bitcoin futures-based ETF, which is a really important moment for our industry and one that we are all very much looking forward to,” he added.

“But when people looked deeper into it, they found that the embedded roll cost and some of the other features in the futures products may actually make the futures products less than optimal for investors who have Bitcoin exposure in their portfolios Looking for .”

Bitcoin ETF approval schedule. Source: Arcane Research