Ethereum

Bitcoin ETF

Grayscale Bitcoin Trust

Grayscale, the world’s largest crypto manager is on its way to legally turning its Grayscale Bitcoin Trust (GBTC) into a <a href="https://news.todayq.com/bitcoin-etf-approval-rumors-sec-and-issuers-engage-in-ongoing-talks/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETF </a>with awaited permission from the U.S. Securities and Exchange Commission (SEC). This move has brought a solid premium to its other cryptocurrency funds by recording as much as eight times their underlying value. However, the surge comes in as Bitcoin (BTC) price reached a 20-month high of $42,000 fueled by the imminent launch of ETFs. Grayscale Filecoin Trust hits 721% premium 
According to the data, the ongoing buying spree in the crypto market extended to multiple private trusts operated by Grayscale reflecting major premiums. Data depicts that the Grayscale Filecoin Trust (FILG) is trading at $34.25, 721% above its net asset value (NAV) of $4.17. However, the FILG previously hit a premium exceeding 1,000% in November.&nbsp;
Running on the same trajectory, <a href="https://news.todayq.com/bitcoin-solana-surges-crypto-equities-follow-trend-in-2023/" rel="noopener noreferrer nofollow">Grayscale Solana Trust (GSO</a>L) presented a premium of 302%. It is trading for $91, per share. Other funds investing in Chainlink, Livepeer, Lumens, and Decentraland’s MANA token are priced at premiums ranging from twice to four times their NAV.
It is important to note that, these funds are exclusively traded on the over-the-counter market, where secondary trading of pre-existing shares occurs. The unique market structure lacks an arbitrage mechanism which eventually prevents prices from aligning with the underlying holdings. This directly contributes to the massive premiums. GBTC closes down discount gap 
Grayscale has been in a protracted battle with the US SEC to secure approval for converting its flagship Bitcoin Trust (GBTC) into an ETF. Despite trading at a discount to NAV, the discount on GBTC has closed down to a 28-month low of 8.7%. This reflected an emerging anticipation of potential approval for the ETF conversion.
Grayscale has also filed with the SEC to transform its Ethereum Trust (ETHE), the world’s largest Ethereum fund, into an ETF. While ETHE trades at a discount of 14.6%, this is a significant improvement from the near-60% discount observed earlier in the year.
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Grayscale Crypto funds hit new premiums amid ETF hopes

Todayq News

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