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Odaily Planet Daily News After BlackRock's iShares submitted the Bitcoin Trust application documents last week, Grayscale GBTC rose by more than 12% last Friday, and the secondary market price reached $15.12. Additionally, the “GBTC discount” hit a monthly low of -36.61%, according to YCharts. (Decrypt)


According to previous reports, the iShares department of the fund management giant BlackRock submitted the iShares Bitcoin Trust application documents to the US SEC on Thursday afternoon.
In response, Anthony Pompliano, co-founder of Morgan Creek Digital, tweeted that what BlackRock applied for was not a bitcoin ETF, but a bitcoin trust. The products differ only technically, especially in terms of regulation and approvals, but the end result for investors is similar. The best outcome is a real bitcoin spot ETF approved by the SEC. But this isn’t an ETF, and Anthony doesn’t think BlackRock will submit its trust application without confidence it will be approved. This development has some potential consequences. GBTC may be forced to introduce daily redemptions to compete. GBTC may be forced to cut fees. Many Wall Street firms could launch fast-following products to compete with BlackRock, and the media attention could lead to money flowing into Bitcoin.
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