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GBTC Explained For Beginners! (Grayscale Bitcoin Trust Overview)Grayscale has fought a long battle with the SEC to allow it to convert its flagship Bitcoin Trust (GBTC), at $bn the world's largest bitcoin. Hedge funds bought shares in the Grayscale Bitcoin Trust (GBTC) between 20betting its price would skyrocket once the Securities and. Grayscale Led the Fight for Bitcoin ETFs. Now Its Fund Is Bleeding Billions. The crypto asset manager that forced U.S. regulators' hand in approving bitcoin.