Shares in Grayscale's Bitcoin Trust have surged by 57% since BlackRock filed for a spot bitcoin ETF on June 15. The trust's discount to net asset value is currently at 29.3%, the first time it has traded below 30% since July last year.

Grayscale's proposal to convert GBTC into a spot bitcoin ETF was rejected last year, but renewed optimism for a conversion has potentially explained the outperformance of GBTC. GBTC is also up 144.3% year-to-date, compared to bitcoin's price gain of 83.7%.