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The Differences Between BlackRock's Fund and the Grayscale Bitcoin Trust
BlackRock announced a Bitcoin trust that will be publicly traded. The grayscale fund is essentially like almost like a private fund with limited shares, those shares trade over the counter. And so it's very easy for those limited shares to have a price that deviates from the underlying price of Bitcoin because you cannot arbitrage the two. BlackRock is just trying to go right from the gun and launch an ETF. GBTC does not have that magic sauce. It's essentially a closed-end fund.