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Dear Red Alert Reader,
It's easy to forget the Grayscale Bitcoin Trust (OTC: GBTC) isn't actually an exchange-traded fund at all; you buy shares of a trust that owns Bitcoin - and sort of tracks the price of the digital currency.
Despite its 2% expense ratio, GBTC was the main destination for investors who maybe didn't own Bitcoin but wanted to play it, or at least get some exposure to it.
All that's going to change this morning - and it's a big deal, for reasons Digital Asset Portfolio Manager Nick Black is going to get into in a second.
We'll see the debut of the ProShares Bitcoin Strategy ETF - BITO - the first SEC-approved Bitcoin futures product to trade on a major American exchange. Forget six-month highs - this could send Bitcoin to places we haven't even seen yet. Eighty-five thousand dollars by December isn't out of the question.
But we're also going to take a look at Grayscale's plans to shelve its Bitcoin trust and stay competitive with a bona fide Bitcoin ETF of its own.
Nick was on Money Morning LIVE's free streaming platform yesterday morning to tell everyone the real story about BITO and Grayscale - and he ran down some of his favorite small cryptos and NFTs, too.
You can catch a free replay right here - don't miss it.
