The Grayscale Bitcoin Trust (GBTC) has faced uncertainty due to fluctuations in the crypto market, triggered by the bankruptcy of Genesis Trading, a company under the same umbrella as GBTC. However, the trust has seen improvement as the market has moved on and the discount has started to shrink.

The discount to NAV widened during the crypto winter of 2022, reaching almost 50%, but has since been reduced to 28.24% as of July 10, 2023. Grayscale has proposed turning the trust into a Spot Bitcoin ETF, but the SEC has rejected the filing twice, leading Grayscale to file a letter in the DC Circuit calling out the SEC's decision to approve Leveraged Bitcoin ETFs but not Spot Bitcoin ETFs.