The Grayscale Bitcoin Trust, a private trust, has grown to $35bn since launching in 2013, indicating the appetite for the cryptocurrency in the US. Valkyrie originally launched their Valkyrie Bitcoin Strategy ETF (BTF), a Bitcoin futures ETF on October 22 on the NASDAQ. The very first bitcoin ETF launch was from ProShares for their bitcoin futures ETF (BITO) on October 18 on the NYSE, Valkyrie launched BTF the following Friday, and VanEck launched their ETF (XBTF) on November 16 on the CBOE. The lack of a full-fledged Bitcoin ETF has caused problems for Grayscale, and the wider Bitcoin market. In lieu of such a product, GBTC has picked up the majority of the U.S. institutional demand for Bitcoin. However, its shares sometimes trade at a negative premium, lower than the value of the underlying Bitcoin per share—but the fund isn’t allowed to redeem bitcoin mining apps the shares for the Bitcoin itself, so the market can’t organically fix it.