– Grayscale Bitcoin Trust (GBTC) is currently trading at its lowest discount in nearly two years.
– The discount to net asset value (NAV) has narrowed to 15.87% as of Oct. 13.
– The narrowing discount is believed to be due to investors pricing in the potential approval of spot Bitcoin ETFs by the SEC.
– The discount began to narrow when BlackRock and other financial institutions filed spot Bitcoin ETF applications in mid-June.
– Analysts predict that the discount will continue to decrease as spot Bitcoin ETFs near approval.
– The last time GBTC’s discount was at a similar level was in early December 2021.
– Reports suggest that the SEC will not appeal the Grayscale decision, indicating that spot Bitcoin ETF approvals are likely.
– Grayscale has stated that they are ready to convert GBTC to an ETF upon SEC approval.
– Grayscale has not yet responded to requests for comment.
– The market is closely watching the potential approval of spot Bitcoin ETFs and its impact on GBTC’s discount.
