The Grayscale GBTC's Bitcoin holdings have decreased by 50%.

Iti9

On April 16th, according to The Block, Grayscale's GBTC Bitcoin holdings have decreased by about half in roughly three months since the launch of the US Bitcoin spot ETF on January 11th. Unlike the 9 new ETFs launched by companies like BlackRock and Fidelity, Grayscale's previous Bitcoin trust wasn't launched from scratch but converted into an ETF—holding about 619,220 bitcoins when Bitcoin spot trading began.

Information disclosed by GBTC as of April 15th shows that its Bitcoin holdings subsequently dropped by about 50%, to around 311,621 bitcoins, with much higher fees charged compared to its competitors. For instance, GBTC charges a fee of 1.5%, while BlackRock's IBIT currently charges a fee of 0.12%. However, considering the simultaneous rise in the price of Bitcoin since the launch of the spot ETFs, the decline in GBTC's assets managed in US dollars is smaller, dropping from $28.7 billion on January 11th to $19.8 billion, a decrease of 31%.

In terms of market share of Bitcoin holdings, BlackRock's IBIT and Fidelity's FBTC spot ETFs have been the primary beneficiaries. Data shows that as of yesterday, GBTC's market share has dropped from 100% on the day of issuance to 37.3%. During this period, IBIT gained a 32.2% share, while FBTC ranked third with a 17.8% share. The total assets held by all US Bitcoin spot ETFs currently amount to nearly 840,000 bitcoins, representing over 4% of the total Bitcoin supply of 21 million bitcoins.

Yamini003

That's a significant reduction, isn't it?

Isha000

Grayscale is indeed the biggest bear.