Grayscale Bitcoin Trust (GBTC) shares hit a record-high discount rate relative to the price of bitcoin (BTC), pushing past 50% for the first time after the U.S. Securities and Exchange Commission reiterated its reasons for denying an application to convert the world’s largest bitcoin fund into an exchange-traded fund.

Crypto analysts have said that the discount would likely close if the conversion went through, since the redemption process available for ETF market makers would likely cause the shares to trade back toward the price of the underlying bitcoin.

In the past couple hours, the discount has since pulled back slightly to around 48.66%.

(by Lyllah Ledesma)