The Latest Breaking News from Grayscale

Bitcoin's fall below $39,000 intensifies market complexities and prompts scrutiny of its short-term direction.

Industry observers believe that the combination of locked positions and high fees has created a strong incentive for investors to pursue more cost-effective options.

While over a dozen financial firms started offering Bitcoin ETFs on Thursday, with BlackRock, Grayscale and Fidelity emerging on top – registering around $4.5 billion in cumulative trading volumes, the crypto investment vehicle is not available for purchase in one of the biggest fund issuers in the world, Vanguard.

Bitcoin ETFs from financial giants BlackRock, Fidelity, and Grayscale have collectively soared past the $1 billion threshold in trading volumes within the first 30 minutes of market opening.

Bitcoin ETFs get greenlight from top federal regulator, after years of resistance. The fund will track the price of the cryptocurrency.

The agency was forced into action after a landmark court victory by the crypto firm Grayscale and the arrival of major players like BlackRock and Fidelity.

The biggest wild card in the mix is Grayscale, whose high fees could quickly erode its early advantages.

Bitcoin (BTC) surged by almost 7%, reaching above $47,000 on Monday afternoon. This increase coincided with the submission of final S-1 forms to the SEC by hopeful Bitcoin ETF issuers such as BlackRock, Fidelity and Grayscale.

All signs point to the SEC approving the long-awaited crypto investment vehicle this week.