Spot Bitcoin ETF Race Fuels Rally For Grayscale And BlackRock Stocks — Who's Winning?

Several firms are vying for the approval of their proposed spot Bitcoin BTC/USD exchange-traded funds (ETFs), hoping to capture a significant market share.

What Happened: Switzerland’s Pando Asset AG on Wednesday emerged as the 13th contender by submitting a filing to the Securities and Exchange Commission (SEC) for the Pando Asset Spot Bitcoin Trust. 

Among the total 13 applications, two major players, Grayscale Bitcoin Trust GBTC and Blackrock Inc. BLK, have revised their filings just to secure a BTC ETF spot.

Analysts predict that the SEC is on the cusp of approving several spot Bitcoin ETFs. The first to cross the finish line could enjoy a significant first-mover advantage, attracting a large base of retail investors.

Since both BlackRock and Grayscale Bitcoin Trust submitted their applications for a spot Bitcoin ETF, their stock prices have experienced an upswing. We compare which of the two stocks has delivered the best returns over the past year.

BlackRock’s stock increased from $695.78 to $747.3, marking a 7.4% growth. On the other hand, GBTC saw a 242.74% surge from $9.05 to $31.02. 

If you had invested $1000 in either of the stocks, you would have yielded $1074.04 in BLK and $3427.4 in GBTC. 

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A Closer Look at Market Movements

When analyzing their market behavior, the coefficient of determination (R^2) stands at a low 0.023, suggesting a very weak correlation between BLK and GBTC’s market movements, as evidenced by a linear regression analysis.

Price Action: At the time of writing, BTC was trading at $37,731, down 1% in the last 24 hours, according to Benzinga Pro. On Wednesday, GBTC finished trading at $31.02, while BLK closed at $747.30.

Illustration by CryptoFX on Shutterstock

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