Bitcoin

Grayscale Bitcoin Trust

James

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/grayscales-gbtc-discount-approaches-2-year-low-amid-secs-missed-etf-appeal/">Grayscale’s GBTC Discount Approaches 2-Year Low Amid SEC’s Missed ETF Appeal</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>According to YCharts’ most recent <a href="https://ycharts.com/companies/GBTC/discount_or_premium_to_nav" rel="noopener noreferrer nofollow">data chart</a>, it is evident that as of October 13, the gap between GBTC and Bitcoin’s net asset value (NAV) has shrunk to 15.87%. Continue reading to learn how.</p>
<h2 class="wp-block-heading" id="h-sec-decided-not-to-appeal"><strong>SEC Decided Not to Appeal</strong></h2>
<p>Bloomberg’s ETF analyst, <a href="https://www.bloomberg.com/news/articles/2023-10-14/grayscale-s-bitcoin-etf-push-what-s-next-after-sec-doesn-t-appeal-court-ruling" rel="noopener noreferrer nofollow">James Seyffart</a> weighed in on the issue. He suggested that spot Bitcoin ETF approvals are now highly likely, calling it a “done deal” in his October 13 post, it appears that the U.S. Securities and Exchange Commission (SEC) has decided not to appeal the Grayscale decision.&nbsp;</p>
<p>An important step is that the SEC decided not to challenge the court’s strong overturning of its judgment to refuse Grayscale’s request to convert its bitcoin trust into a more accessible exchange-traded fund (ETF). The SEC had until Friday at midnight to decide whether to appeal the court’s decision. However, the SEC chose not to file an appeal and allowed this time to pass. In response to this information, Bitcoin (BTC) surged, surpassing $27,000 and trading at around $27,950.</p>
<h2 class="wp-block-heading" id="h-grayscale-is-prepared"><strong>Grayscale Is Prepared</strong></h2>
<p>Grayscale also acknowledged on October 15 that the SEC’s <a href="https://www.supremecourt.gov/DocketPDF/19/19-1445/146479/20200626155227302_HI%20TECH%20APPX%20PDFA.pdf" rel="noopener noreferrer nofollow">45-day timeframe </a>for requesting a rehearing has passed. The court will thus issue its “final mandate” within seven calendar days.</p>
<p>Grayscale reaffirmed its operational preparedness by claiming that, upon getting permission from the SEC, it is ready to transform the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF). Grayscale claims that its team is prepared and ready to convert GBTC to an ETF as soon as the SEC approves. The company also states they will share more information as soon as practicable.</p>
<p>This development denotes a significant change in the regulatory environment and raises hopes for creating an ETF that would make Bitcoin an easier investment option.</p>
<h2 class="wp-block-heading" id="h-other-exchanges"><strong>Other Exchanges&nbsp;</strong></h2>
<p><a href="https://cointelegraph.com/news/blackrock-bitcoin-etf-could-unlock-30-trillion-worth-of-wealth-bloomberg-analyst-says" rel="noopener noreferrer nofollow">According to data</a>, the discount for GBTC started to decrease after BlackRock and several other financial institutions submitted spot Bitcoin ETF applications in mid-June. At that time, the discount was 44% on June 15 and had decreased to 26.7% by July 5. Since then, the number has kept becoming less.</p>

Grayscale’s GBTC Discount Approaches 2-Year Low Amid SEC’s Missed ETF Appeal

Table of Contents

CoinPedia News

Other articles published on Oct 16, 2023

Justin Sun’s multi-million dollar Ethereum investments fuel staking surge on Lido platform

Crypto payment option for Honda cars only works via third-party platform

What is Kujira? KUJI Price Prediction 2023, 2024, 2025 to 2030

California Governor Signs "BitLicense" Crypto Licensing Bill Into Law, Effective July 2025

Tesla Stock Price Prediction: Can Earnings Trigger A Breakout?

Tether Makes a Bold Move, Bans Addresses Supporting Israel-Ukraine Conflict Funding

Join our free newsletter for daily crypto updates!