Grayscale's Bitcoin Trust Discount Narrows on Optimism for SEC Approval of Spot Bitcoin ETFs

Grayscale's Bitcoin Trust (GBTC) discount has fallen to 15.87% as markets bet on SEC approval of Bitcoin ETFs.

GBTC discount began narrowing in June when firms like BlackRock filed for spot Bitcoin ETFs.

Analysts say discount is shrinking because investors expect SEC to approve pending spot Bitcoin ETF applications.

GBTC discount is at lowest level since December 2021, right after Bitcoin hit all-time high of $69K.

Grayscale says it's "operationally ready" to convert GBTC to an ETF upon SEC approval.