The discount to net asset value for the $19 billion-plus Grayscale Bitcoin Trust continues to narrow in the wake of asset manager BlackRock’s application to open a spot bitcoin ETF in the United States.
The discount to NAV had ballooned to nearly 50% late last year and spent most of 2023 in a range on either side of 40%,a steep narrowing trend following BlackRock’s mid-June filing with the U.S. Securities and Exchange Commission .
That, in turn, has fueled buying in the heavily discounted GBTC, which Grayscale nearly two years ago filed to convert to a spot bitcoin ETF. The Grayscale filing was among those SEC rejections, prompting the company to sue the agency, with a decision expected
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