United

Bitcoin

Grayscale Bitcoin Trust

<ul> 
 <li>GBTC shares have risen 220% this year, reaching $26.79.</li> 
 <li>All eyes are now on the SEC and its decision which would act as a catalyst.</li> 
</ul> 
The benefits of Grayscale Investment’s bitcoin trust (<a href="https://thenewscrypto.com/ark-invest-sells-gbtc-shares/" target="_blank" rel="noreferrer noopener">GBTC</a>) as a long-term investment are widely acknowledged by market professionals and analysts, who are thus optimistic. The price of GBTC could continue to climb as the discount decreases. And the prospect of SEC approval of the ETF conversion grows. 
As the likelihood of ETF clearance by the <a href="https://thenewscrypto.com/blackrock-faces-us-sec-charges/" target="_blank" rel="noreferrer noopener">SEC</a> rises, investors may begin to alter their approaches. Bitcoin may benefit from this since it may see less selling pressure. Crypto investors and market observers alike are keeping a close eye on the U.S Securities and Exchange Commission (SEC). And any regulatory moves that might affect their holdings. 
Those who bought shares of GBTC in early January, when the crypto sector was in a state of despair, have been highly compensated. 
<h3 class="wp-block-heading" id="h-investors-optimistic">Investors Optimistic</h3> 
TradingView, reports that GBTC shares have risen 220% this year, reaching $26.79. In contrast to the collapse of more conventional fixed-income securities like government bonds, Bitcoin has <a href="https://coinmarketcap.com/" target="_blank" rel="noreferrer noopener nofollow">doubled</a> this year to $35,000. 
The superior performance of GBTC coincides with expectations that the Grayscale Bitcoin Trust would be approved as a bitcoin ETF by the United States SEC. 
Traders have been purchasing GBTC shares while hedging the risk of decline by selling BTC in the spot/futures market. Thus, causing the discount in the GBTC shares compared to the trust’s NAV to narrow to 13% from 46% this year. Once the conversion is finished, market makers will likely adjust the price back to its NAV. 
All eyes are now on the SEC and its decision which would act as a catalyst to further boost <a href="http://bitcoin.org">BTC</a> price and investor’s interest. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/bitcoin-bulls-on-the-rise-new-highs-coming/" target="_blank" rel="noreferrer noopener">Bitcoin Bulls On The Rise: New Highs Coming?</a>

Grayscale’s GBTC Soars 220% in 2023 Amidst ETF Conversion Prospects

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