Bitcoin

Optimism

Grayscale Bitcoin Trust

Spot

Grayscale Bitcoin Trust (GBTC) is currently experiencing its lowest discount in almost two years, with its discount to Bitcoin’s net asset value (NAV) narrowing to 15.87% as of October 13, according to data from YCharts.
This metric measures how much a mutual fund or ETF is trading below its actual net asset value, offering insights into its true market value.
The narrowing of GBTC’s discount began when financial giants like BlackRock and several other institutions filed applications for spot Bitcoin ETFs in mid-June.
1From a high of 44% on June 15, the discount steadily decreased to 26.7% by July 5. Since then, it has continued to shrink.
The last time GBTC’s discount was at a similar level was in early December 2021, shortly after Bitcoin reached its all-time high price of $69,000 in November, as reported by CoinGecko.
Many in the cryptocurrency community, including Bitcoin advocate Oliver Velez, speculate that the market is factoring in the approval of spot Bitcoin ETFs by the end of the year.
READ MORE:<a href="https://www.cryptointelligence.co.uk/secret-audio-exposes-alameda-researchs-misuse-of-ftx-user-funds-unveiling-shocking-details/" rel="noopener noreferrer nofollow">Secret Audio Exposes Alameda Research’s Misuse of FTX User Funds, Unveiling Shocking Details</a>
Lyle Pratt, a cryptocurrency investor, believes that GBTC’s discount will continue to decrease over the next week or two as spot Bitcoin ETFs approach regulatory approval.
Recent reports suggest that the United States Securities and Exchange Commission (SEC) chose not to appeal the Grayscale decision on October 13.
This development has led Bloomberg ETF analyst James Seyffart to describe spot Bitcoin ETF approvals as a “done deal.”
On October 15, Grayscale issued a statement indicating that the SEC’s 45-day period for seeking a rehearing had elapsed.
Consequently, the court is expected to issue its “final mandate” within the next seven calendar days.
Grayscale expressed its operational readiness to convert GBTC into an ETF upon SEC approval and pledged to share further details as soon as possible.
Cointelegraph attempted to reach out to Grayscale for additional comments but had not received an immediate response at the time of reporting.
Other Stories: 
<a href="https://www.cryptointelligence.co.uk/metamask-temporarily-removed-from-apples-app-store/" rel="noopener noreferrer nofollow">MetaMask Temporarily Removed from Apple’s App Store</a>
<a href="https://www.cryptointelligence.co.uk/bitcoin-holds-steady-at-26800-as-secs-grayscale-decision-looms/" rel="noopener noreferrer nofollow">Bitcoin Holds Steady at $26,800 as SEC’s Grayscale Decision Looms</a>
<a href="https://www.cryptointelligence.co.uk/sec-opts-not-to-appeal-ruling-favoring-grayscales-bitcoin-etf-application/" rel="noopener noreferrer nofollow">SEC Opts Not to Appeal Ruling Favoring Grayscale’s Bitcoin ETF Application</a>

Grayscale Bitcoin Trust (GBTC) Discount Narrows to Two-Year Low Amid Spot Bitcoin ETF Optimism

Crypto Intelligence

Other articles published on Oct 17, 2023

Incheon Unveils Ambitious Four-Year Plan to Become a Leading Blockchain Hub

Bitcoin Price Dips Again While NuggetRush Presale Launches to a Frenzy

Starting Your Career as a Crypto Gambling Affiliate

Shiba Inu Could Deliver Double Digit Profits By October End

NFT Artist Ryder Ripps Struggles to Get Bored Ape Yacht Club Lawsuit Dismissed

XRP Set to Skyrocket: Expert Forecasts $27 Price Target!

Join our free newsletter for daily crypto updates!