Interest in Grayscale Crypto Products Not Easing Up, Not Just BTC Now
Rayhaneh Sharif-Askary, Grayscale’s head of investor relations, told Cointelegraph: Shares of Bitcoin Cash and Litecoin are the fifth and sixth public offerings from Grayscale and have recently received permission from the U.S. Financial Industry Regulatory Authority to make both funds available for public OTC trading. While Grayscale’s inflows are certainly a sign of institutional interest, also backed by other data sets like CME’s Bitcoin futures Open Interest, some worry these inflows may be exacerbated by accredited investors taking advantage of the premium between the underlying asset and the fund’s share price.
Michael Sonnenshein, managing director at Grayscale recently confirmed that accredited investors can still purchase GBTC at the price of Bitcoin: According to Grayscale’s latest filing with the U.S. Security and Exchange Commission, the number of shares sold increased 90% from the first quarter of the year to the second, which equates to the fund issuing over 87 million shares. According to crypto technology company Amun AG, investors (likely retail) have bought Grayscale Bitcoin Trust shares over the last year at a market price 22% above its net asset value on average.
