GBTC saw inflows of $63 million on Friday, according to investment management firm Farside Investors. It currently manages $18.08 billion in assets, according to its website. However, its position as the biggest spot bitcoin ETF by assets under management (AUM) has come under threat from BlackRock's iShares Bitcoin Trust, which manages $16.91 billion, according to its website. Grayscale said in March that it would seek approval from the Securities and Exchange Commission to spin off a portion of GBTC's assets into a new, lower-fee Bitcoin Mini Trust. The company is yet to decide on the fees for the Mini Trust. Spot bitcoin ETFs, which were approved by the SEC in January following a decade of rejection, provide investors with bitcoin exposure without the need to directly hold the cryptocurrency. Reporting by Niket Nishant in Bengaluru Editing by Anil D'Silva May 6, 2024