BDE Ventures: Grayscale may be acquired! GBTC is the best stepping stone for traditional finance to enter Bitcoin

The approval of multiple Bitcoin spot ETFs by the U.S. Securities and Exchange Commission (SEC) is regarded by the market as an important development in the traditional financial world’s acceptance of cryptocurrencies. This milestone is expected to attract more funds. Enter the cryptocurrency market. In the future, with the introduction of more similar products, the cryptocurrency industry will face more opportunities and challenges.

BDE Ventures: Grayscale may be acquired by traditional finance

According to BDE Ventures founder Brian D. Evans, Grayscale as an SEC-approved Bitcoin trust GBTC The operator may become an acquisition target when traditional funds compete for the Bitcoin ETF market. Since Grayscale has become the standard in the industry and even Brian D. Evans’ father had heard of GBTC a long time ago, an acquisition is possible. He predicts that acquisitions may happen sooner, as institutions look to buy Grayscale’s Bitcoin before it rises further.

Nate Geraci, president of the consulting firm ETF Store, also said that if the price is reasonable, it is of great significance for traditional ETF issuers to acquire companies like Grayscale. Although the Bitcoin ETF has just been approved for launch two weeks ago, competition is already extremely fierce and it has evolved into a massive financial game. After traditional ETF issuers acquire Grayscale, they will not only be able to quickly expand the scale of assets under management, but also gain expertise in the crypto industry, thereby establishing brand credibility in the industry.

Bloomberg ETF analyst James Seyffart believes that in theory, Grayscale may be acquired. In addition, the legal issues faced by Grayscale’s parent company Digital Currency Group (DCG) and the large outflow of funds caused by the withdrawal of GBTC may accelerate the acquisition process.

Grayscale GBTC outflowed nearly US$4 billion in eight days

Since the Bitcoin spot ETF was approved for listing, the price of Bitcoin has continued to fall. On January 23, the price fell below $39,000, setting a new low since December last year. The market generally believes that this is related to Grayscale GBTC investors continuing to take profits. Grayscale GBTC investors faced problems such as negative premiums approaching zero and high management fees, so they all chose to take profits.

According to data from BitMEX Research, the Bitcoin spot ETF had a net outflow of US$487 million on its eighth trading day, while the cumulative net inflow in the past eight days was US$601 million. At the same time, GBTC had a net outflow of US$515.3 million on the 8th day, while the cumulative net outflow in the past 8 days was US$3.963 billion.

However, GBTC’s capital outflow of US$515.3 million yesterday (24th) dropped from US$640 million on the previous (23rd) day, and GBTC’s current discount relative to its net asset value has also been significantly reduced (currently Negative premium of 0.11%), which may indicate that selling pressure on GBTC is decreasing.

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