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0 sats \ 3 replies \ @oliverweiss 24 Jan 2024 \ on: Over 80,000 Bitcoin Leaves GBTC, When Will the Bleeding Stop? bitcoin
How many bitcoins do they still have? Any idea why are they selling it?
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10 sats \ 1 reply \ @ama OP 24 Jan 2024
According to an article linked here half an hour ago, it seems that Grayscale owns 536694 BTC. The article also discusses their selling process.
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0 sats \ 0 replies \ @oliverweiss 24 Jan 2024
Cool! Thanks for sharing!
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10 sats \ 0 replies \ @ama OP 24 Jan 2024
Grayscale had a Bitcoin fund that they have converted into an ETF now. It seems that many investors of the fund are selling now that there is a lot of liquidity and Grayscale has such a high fees (around 2.5% I believe) compared to the other ETFs (well sub 1%). Therefore, Grayscale is forced to sell their BTC to be able to give the fiat back to their customers.
I don't now how much BTC they have left (it should be a publicly available data, I think), but I don't think they'll be selling everything. Despite the abusive fees, many customers won't probably want to get out to avoid incurring into a taxable event.
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