Grayscale Bitcoin Trust Discount Shrinks to Lowest Level Since 2021, Boosting Hopes for SEC Approval of Spot BTC ETF
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Grayscale Bitcoin Trust (GBTC) discount has shrunk to 10.35% below net asset value, lowest since July 2021.
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GBTC enables trading shares in trusts holding large Bitcoin pools, tracking Bitcoin price.
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Since Feb 2021, GBTC has traded at a discount up to 48% below Bitcoin price.
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Grayscale wants to convert Trust to a spot Bitcoin ETF, but SEC has rejected applications so far.
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Court ordered SEC to review Grayscale's ETF application, boosting optimism of approval.