Grayscale Bitcoin Trust (GBTC), an investment vehicle for Bitcoin, is currently trading at its lowest discount in almost two years. The discount to Bitcoin’s net asset value (NAV) has narrowed to 15.87% as of October 13th. This discount measures how much a mutual fund or ETF is trading below its true value. The narrowing of the discount began when BlackRock and other financial institutions filed spot Bitcoin ETF applications in mid-June. Since then, the discount has continued to decrease. Bitcoin advocate Oliver Velez believes that the market is anticipating the approval of spot Bitcoin ETFs by the end of the year. Analysts, including cryptocurrency investor Lyle Pratt, expect GBTC’s discount to further decrease in the coming weeks as spot Bitcoin ETFs near approval. Reports have also emerged that the Securities and Exchange Commission (SEC) will not appeal the Grayscale decision, leading to speculation that spot Bitcoin ETF approvals are a “done deal.” Grayscale has stated that it is ready to convert GBTC to an ETF upon SEC approval.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Eleanor Terrett, James Seyffart, Oliver Velez, Lyle Pratt
Companies	BlackRock, Grayscale Bitcoin Trust (GBTC), SEC, CoinGecko, Bloomberg, Cointelegraph, Grayscale
Currencies	Bitcoin
Securities	None