There are a number of substantial Bitcoin ETF / ETP’s available from Sweden to Canada and the US with one important common denominator being their liquid and cheap to transact. The Grayscale Bitcoin Trust (GBTC US) is physically backed meaning that it actually holds the bitcoin and enjoys a market cap above $30bn this morning, that’s even after halving since April. At this stage in this rapidly evolving space this is the most likely vehicle MM would use to invest / trade in Bitcoin although we are looking further afield at ETFs that do not end up trading at discounts / premiums to their assets, which happens in the GBTC.
MM is neutral to mildly bullish the GBTC at present
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