Grayscale Deposits $31.1 Million Worth of Bitcoin (BTC) on Coinbase
CryptoNewsTerminal Staff10 Jun, 2024
Grayscale Deposits $31.1 Million Worth of Bitcoin (BTC) on Coinbase
Grayscale, the world's largest digital currency asset manager, has transferred 447 Bitcoin (BTC) worth $31.1 million to a Coinbase Prime address. This transaction was identified by Arkham Intelligence, a blockchain analytics company. The purpose of this transfer is unclear, but it could be related to Grayscale's recent announcement that it would be exploring the possibility of converting its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF). Grayscale has been actively advocating for the approval of a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). A spot ETF would allow investors to trade Bitcoin directly, rather than through futures contracts. If Grayscale is successful in converting GBTC into a spot Bitcoin ETF, it could significantly increase the accessibility of Bitcoin to investors and further legitimize the cryptocurrency as an investment asset.
