2024

Bitcoin ETF

Grayscale Bitcoin Trust

Grayscale Investments’ parent firm Digital Currency Group has reported an increase in revenue in the 2024 first quarter. DCG saw an 11% increase in revenue to $229 million, while Grayscale’s revenue was marginally flat as the company decided to hold fees for <a href="https://coingape.com/gbtc-bitcoin-etf-fees-to-drop-soon-says-grayscale-ceo/" target="_blank" rel="noopener">GBTC</a> at 1.50% after conversion to a spot Bitcoin exchange-traded fund (ETF) in January. 
<h2 id="grayscale-revenue-came-in-flat-amid-17-billion-outflows">Grayscale Revenue Came in Flat Amid $17 Billion Outflows</h2> 
Digital Currency Group (DCG), the parent company of Grayscale Investments, reported revenue rising 11% to $229 million in the first quarter of 2024, according to a letter to shareholders. 
Grayscale, operator of the Grayscale Bitcoin Trust (GBTC), witnessed $156 million in revenue in Q1. The revenue was almost flat as seen in the fourth quarter of 2023. 
According to <a rel="nofollow" href="https://www.bloomberg.com/news/articles/2024-05-09/grayscale-s-quarterly-revenue-was-flat-amid-bitcoin-etf-outflows" target="_blank">Bloomberg</a> and Farside Investors, Grayscale has seen outflows of $17.4 billion since the GBTC was converted to a spot Bitcoin ETF in January. Investors shifted from GBTC to spot Bitcoin ETFs with lower management fees. Financial giants BlackRock and Fidelity offered investors lower fees and some even waived fees until a set AUM is reached. 
“While Grayscale expected outflows alongside increased competition under the ETF wrapper, Q1 revenue attributable to GBTC nevertheless exceeded our expectations,” the company said. 
Meanwhile, DCG’s mining subsidiary Foundry saw revenue increase by 35% and crypto exchange Luno’s revenue increased by 46% quarter-over-quarter due to higher trading volume in Q1. 
Also Read: <a title="Breaking: Bitcoin Price Breakout, Crypto Market Recovery Confirmed" href="https://coingape.com/bitcoin-price-breakout-crypto-market-recovery-confirmed/" target="_blank" rel="bookmark noopener">Bitcoin Price Breakout, Crypto Market Recovery Confirmed</a> 
<h2 id="gbtc-outflows-slow-and-inflows-recorded">GBTC Outflows Slow and Inflows Recorded</h2> 
US spot Bitcoin ETFs recorded a total net inflow of $11.77 billion to date, as per the current data. However, the demand for spot Bitcoin ETF dropped as markets struggle to overcome the tightening of financial conditions in the US. The Federal Reserve faces sticky inflation and stagflation concerns. 
<a href="https://coingape.com/bitwise-bitcoin-etf-bitb-outshines-others-with-11m-inflows-whats-next/" target="_blank" rel="noopener">Spot Bitcoin ETF</a> saw an inflow of $11.5 million on Wednesday, with Bitwise Bitcoin ETF (BITB) as the only ETF with an inflow. Other spot Bitcoin ETF including GBTC saw zero inflows. 
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener">Bitcoin price</a> jumped 2% from intraday low in the last few hours, with the price currently trading at $61,954. The 24-hour low and high are $60,648 and $62,740, respectively. Furthermore, the trading volume has increased slightly in the last 24 hours. 
Also Read: 
<ul> 
 <li><a title="Breaking: Bitcoin Price Breakout, Crypto Market Recovery Confirmed" href="https://coingape.com/bitcoin-price-breakout-crypto-market-recovery-confirmed/" target="_blank" rel="bookmark noopener">Bitcoin Price Breakout, Crypto Market Recovery Confirmed</a></li> 
 <li><a title="Terra Luna Classic Developer Announces Key Upgrade, LUNC Price To $0.0002?" href="https://coingape.com/terra-luna-classic-developer-announces-key-upgrade-lunc-price-to-0-0002/" target="_blank" rel="bookmark noopener">Terra Luna Classic Developer Announces Key Upgrade, LUNC Price To $0.0002?</a></li> 
 <li><a href="https://coingape.com/ripple-partner-sbi-holdings-to-establish-joint-venture-in-japan/" target="_blank" rel="noopener">Ripple-Partner SBI Holdings To Establish Joint Venture In Japan</a></li> 
</ul> 
The post <a href="https://coingape.com/dcg-revenue-rises-to-229-million-grayscale-revenue-flat/">Just-In: DCG’s Q1 Revenue Rises To $229 Million, Grayscale Revenue Remains Flat</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Just-In: DCG’s Q1 Revenue Rises To $229 Million, Grayscale Revenue Remains Flat

Table of Contents

Coingape News Media

Other articles published on May 9, 2024

Unpredictable Market Movements Impact Bitcoin ETFs (BTC): A Comprehensive Analysis

Bitgert Coin Set to Soar: Price Surge Predicted for This Week

Pre-Market Insights: Key Financial Updates Including Bitcoin (BTC) and Ethereum (ETH) Trends for ...

The Rise of Malicious AI Chatbots: Threat Actors Embrace ‘Hackbots’

NEAR Protocol’s X account hacked, here’s what we know so far

Binance banned Tron Foundation for market manipulation, report

Join our free newsletter for daily crypto updates!