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Grayscale's conversion of its $27 billion bitcoin trust into an ETF was finally approved by the Securities and Exchange Commission (SEC) on Wednesday.

Grayscale's conversion of its $27 billion bitcoin trust into an ETF was finally approved by the Securities and Exchange Commission (SEC) on Wednesday.

Grayscale Investments has filed to turn its multi-token fund, the Grayscale Digital Large Cap Fund, into an exchange-traded fund.

The news sent bitcoin tumbling early Tuesday, but the price quickly recovered.

Digital Currency Group (DCG), the parent company of asset manager Grayscale, reported a first quarter revenue up 11% from the previous quarter to $229 million.

Aave is a decentralized lending platform based on the Ethereum blockchain that offers automated loans of cryptocurrency using other tokens you own as collateral. It also lets users lend out their crypto to earn interest.

GBTC, the biggest spot bitcoin ETF, has seen its assets under management lead over BlackRock's IBIT shrink.

An additional $1.5 billion could exit GBTC, putting more pressure on the bitcoin price in the coming weeks, the report said.

Outflows from the Grayscale Bitcoin Trust have topped $1 billion per day this week.

Around $1.3 billion has shifted from GBTC to new spot bitcoin ETFs, equivalent to a monthly outflow of about $3 billion per month, the bank said in a report.