Grayscale Bitcoin Trust Discount Narrows on Boosted Odds for SEC Approval of Spot Bitcoin ETF

Grayscale Bitcoin Trust (GBTC) shares traded at a 15.87% discount to net asset value on Friday, the narrowest discount since Dec 2021.

The discount has narrowed as the SEC declined to appeal a court ruling that set aside its rejection of Grayscale's spot bitcoin ETF application.

The SEC now has to reconsider its rejection but could still deny for different reasons, though it appears more open to approving a spot bitcoin ETF.

If no appeal, a spot bitcoin ETF approval could happen by January 2024, potentially led by Grayscale.

Major asset managers like BlackRock have filed for spot bitcoin ETFs after the court ruling, which could unlock billions in inflows if approved.