Bitcoin and crypto market cap passes $2 trillion
The combined value of all Bitcoin and other crypto assets surpassed $2 trillion for the first time.
Bitcoin, which by Tuesday was trading close to all-time highs at around $58,500, is worth over $1 trillion.
The latest positive spin for Bitcoin emerged as the Grayscale said it would convert its $34bn Bitcoin Trust into an ETF. Meanwhile Coinbase is set to start trading publicly on the Nasdaq with a direct listing this month.
After Bitcoin, the five next largest assets are Ether, Binance Coin, Polkadot, Tether and Cardano, which together are worth more than $400bn.
Last week Goldman Sachs said it is set to offer crypto services, announcing plans to deliver clients with a “full spectrum” of investments in Bitcoin and other digital assets, “whether that’s through the physical Bitcoin, derivatives or traditional investment vehicles”. Last month Morgan Stanley announced it would be the first major investment bank offer access to three funds that enable ownership of bitcoin.
Grayscale ETF plans
Grayscale let investors know on Monday that it remains committed to turning its Bitcoin Trust (GBTC) into an ETF.
“Today, we remain committed to converting GBTC into an ETF although the timing will be driven by the regulatory environment. When GBTC converts to an ETF, shareholders of publicly-traded GBTC shares will not need to take action and the management fee will be reduced accordingly,” the company said in a release.
“GBTC is the largest and most liquid Bitcoin investment product in the world. The size, liquidity, regulatory status, and track record distinguish GBTC from any other products in the world. In fact, compared with global commodity exchange-traded products, GBTC would today rank second with $34 billion in AUM, behind only SPDR Gold Trust (Symbol: GLD) and third with $2.6 billion in weekly volume, behind only GLD and iShares Silver Trust (Symbol: SLV).”