Largest crypto asset manager with the first ETF BTC fund, (stellarprojectsrussia.com) Issuser Address: GCSPL3GL7MK6HPA3Y3S3QGGKD3C5PO3LRDZU6RNJCXAWY2JYM6QQNUSC ICO On 18/09/2023 CB:25,000%
Project Aurora & Ukaz asset
Grayscale is the world's largest crypto asset manager and launched the first publicly traded BTC fund in US. They charged higher than average fees compared to similar ETFs (claiming the fees were to cover the gas fees/costs of trading BTC) and 60 hedge funds (including Alameda Research) are rallying together to sue them to clawback the paid management fees (https://t.me/QuantumStellarInitiative/29077). Once that suit is settled, it will set the precedent for all centralized crypto and securities exchanges to have their management fees clawed back in the future, a first step of many leading to future class-action cases. Further, it also sets the stage for "risk-less trades" (aka fee-less trades) on crypto spot ETFs in the future, in order words it will usher in decentralized institutional crypto trading
Grayscale sought to turn GBTC (Grayscale BTC Trust) into an ETF in 2017 (but voluntarily withdrew the application following negative remarks from the SEC). Because the SEC denied their request in June 2022 citing concerns about the lack of oversight/surveillance and price fixing risks, Grayscale sued the SEC and won their case on 29 August, 2023. Since their victory, speculation over a future retail BTC ETF, in which even BlackRock has joined (https://www.msn.com/en-za/news/other/grayscale-s-bitcoin-etf-win-signals-capital-markets-change/ar-AA1gN0JO) has risen. When approved, the industry will next press for retail ETH ETF, opening the door for other crypto to follow and ending financial price manipulation (https://t.me/QuantumStellarInitiative/29069) by introducing (https://t.me/QuantumStellarInitiative/29069)liquidity and AMMs (https://t.me/QuantumStellarInitiative/29069) to the traditional market (https://t.me/QuantumStellarInitiative/29069)
SEC has until mid-to-late-October 2023 to decide on Grayscale's and 6 other applications for spot BTC ETFs from WisdomTree, VanEck, Invesco Galaxy, Bitwise and Valkyrie, and Fidelity (https://cointelegraph.com/news/grayscale-victory-sec-delays-decision-on-bitcoin-etfs-law-decoded)
As of November 2022, GBTC held the 2nd largest shares of "all currently available" BTC with 643,572 BTC ($10.6 billion or 3%) (https://t.me/QuantumStellarInitiative/29076). Due to the SEC victory, the previously traded ~50% discount has narrowed to ~17%, increasing their valuation to $17.10 billion (https://www.msn.com/en-us/money/markets/grayscale-btc-discount-narrows-after-the-sec-court-victory/ar-AA1gzuS6). Further, their $5billion worth of discounted ETH has also closed from ~60% to 27%. Both assets have been unable to be redeemed or offloaded (https://t.me/QuantumStellarInitiative/29081). However, once both spot ETFs are approved, fee-less, decentralized trades on quantum-compliant platforms bridging into and reconciling on the Stellar blockchain will become the new normal
On 18 Sept, Grayscale irrevocably abandoned their rights to manage native ETH assets (https://t.me/QuantumStellarInitiative/29072), which will be smart contracted and swapped into wETH along with BTC/wBTC for liquidity bridges
Due to their 29 Aug win, the SEC has been nicknamed the "banana republic" (https://t.me/QuantumStellarInitiative/29074), highlighting the SEC's incompetence and "setting the stage for potential regulatory shifts in the cryptocurrency investment space (https://t.me/QuantumStellarInitiative/29078)" away from SEC oversight
Instead, these spot ETFs will be managed and governed by the Commodity Exchange (CME) (https://t.me/QuantumStellarInitiative/29080), the precursor to the future XC Exchange
Grayscale currently manages 17 crypto Trusts/Funds, including an XLM Trust
Stellar Humanitarian Wealth Transfer:
? Passive Income Assets (https://t.me/QuantumStellarInitiative/22968)
? Project Aurora & Ukaz (https://t.me/QuantumStellarInitiative/21777)