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Grayscale Bitcoin Trust Shares Rally to a One-Year High, Discount Dips to 30%

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.Grayscale Bitcoin Trust’s share price rallied 7% on Tuesday while $BTC traded mostly flat. The GBTC discount narrowed to 30% for the 1st time since September amid increased optimism about the firm's lawsuit against the SEC. sndr_krisztian reports

nearly 50% in less than two weeks since BlackRock’s application. BlackRock is the world's largest asset manager with $9.1 trillion in AUM.

Investors are betting on GBTC because of the “BlackRock filing and optimism that [the firm] may have cracked the code on an ETF, giving hope that Grayscale could also convert and remove the discount,” Doug Schwenk, CEO of crypto data provider Digital Asset Research, said in a note to CoinDesk. Traders are also increasingly optimistic about the outcome of a lawsuit between Grayscale and the U.S. Securities and Exchange Commission , Schwenk said. The firmthe agency earlier this year for denying its application to convert the closed-end GBTC fund into an ETF that would allow redemptions and close the gap between the share price trading on secondary markets and the net value per share of the fund’s BTC holdings.

“A positive outcome for Grayscale would lead to greater potential for listing as an ETF and removing the discount,” he added. “Of course, some believe that BlackRock's filing is also a view on the potential for Grayscale to have success in their lawsuit.”

 

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