Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

According to <a href="https://ycharts.com/companies/GBTC/discount_or_premium_to_nav">market data</a> from YCharts on Nov. 24, the Grayscale Bitcoin Trust (GBTC) discount rate has narrowed to 8.06%. 
The “discount” refers to the situation where the Grayscale Bitcoin Trust (GBTC) shares are trading at a price lower than their underlying net asset value (NAV). 
<figure id="attachment_377061" aria-describedby="caption-attachment-377061" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="wp-image-377061 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/gbtcdiscountnov27-1.png" alt="" width="865" height="267" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/gbtcdiscountnov27-1.png 865w, https://cryptoslate.com/wp-content/uploads/2023/11/gbtcdiscountnov27-1-300x93.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/gbtcdiscountnov27-1-768x237.png 768w" sizes="(max-width: 865px) 100vw, 865px">
 <figcaption id="caption-attachment-377061" class="wp-caption-text">
 GBTC Discount or Premium, via <a href="https://ycharts.com/companies/GBTC/discount_or_premium_to_nav">YCharts</a>
 </figcaption>
</figure> 
GBTC began trading at a discount in early 2021, sometime after Grayscale halted GBTC redemptions. As trading continued, the asset discount reached its lowest point at 48% in late 2022. The discount gradually began to narrow in early 2023, culminating in the current 8% discount. An 8% discount has not been seen since mid-2021. 
Before March 2021, GBTC was trading above its net asset value, known as a premium. However, according to a separate report from experts, it is unlikely that the fund will trade at a premium again. One expert even <a href="https://blockworks.co/news/grayscale-gbtc-shrinking-discount">suggested</a> that if Grayscale’s plan to convert GBTC into an ETF is realized, any existing premium will likely vanish. 
<h2 id="investor-optimism-may-be-narrowing-discount">Investor optimism may be narrowing discount</h2> 
Recent developments have likely contributed to the latest change in value and the fund’s larger trend toward a 0% price difference. 
Over time, the general optimism about Grayscale’s proposal to transition GBTC into a spot Bitcoin ETF seems to have contributed to the narrowing of the discount. The company <a href="https://cryptoslate.com/grayscale-wins-court-battle-with-sec/">won</a> a court case in June that compelled the U.S. Securities and Exchange Commission (SEC) to review its spot ETF application. Reports from <a href="https://cryptoslate.com/sec-will-not-appeal-grayscale-decision-bringing-spot-bitcoin-etfs-closer-to-reality/">October</a> indicated that the SEC would not appeal the ruling. 
More recently, in late November, Grayscale <a href="https://cryptoslate.com/grayscale-files-updated-bitcoin-etf-prospectus-days-after-talks-with-u-s-sec/">said that</a> it had entered talks with the SEC around its proposal. It also submitted an updated filing to the SEC. Additionally, <a href="https://cryptoslate.com/companies/ark-invest/">Ark Invest</a> — another company that is seeking its own spot Bitcoin ETF — sold about <a href="https://cryptoslate.com/cathie-woods-ark-invest-cashes-out-part-of-its-grayscales-gbtc-stake-as-bitcoin-etf-optimism-grows/">$10 million of GBTC shares</a> starting in late October. Those sales may have affected the price of GBTC directly or influenced other trading activity. 
The post <a href="https://cryptoslate.com/grayscale-bitcoin-trusts-discount-narrows-to-8-amid-growing-etf-optimism/">Grayscale Bitcoin Trust’s discount narrows to 8% amid growing ETF optimism</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.

Grayscale Bitcoin Trust’s discount narrows to 8% amid growing ETF optimism

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