According to Coinglass data, the current Grayscale Bitcoin Trust (GBTC) negative premium rate is 8.09%. Additionally, the Grayscale Litecoin Trust has a premium rate of 28.36%, the Bitcoin Cash Trust has a premium rate of 13.99%, the Zcash Trust has a premium rate of 6.05%, the Solana Trust has a premium rate of 308.53%, and the Filecoin Trust has a premium rate of 713.54%.

Earlier this week, it was reported that Grayscale had submitted a document updating the GBTC agreement for the first time since 2018. The aim is to optimize the GBTC structure in preparation for the expected launch of a Bitcoin ETF and to increase competition against other applicants such as BlackRock. The updates to GBTC involve two proposed modifications to the trust agreement that will be submitted for shareholder approval.

The first modification will allow management fees to be charged on a daily basis instead of monthly. A company spokesperson stated that this is a structural adjustment and not a cost reduction, and it has not yet been finalized. Grayscale currently charges a 2% management fee for GBTC, while other Bitcoin ETF applicants charge management fees between 0.7% and 1%, according to a report by Matrixport analysts.

The second modification will allow assets to be mixed in a comprehensive account, which is the core processing mechanism of an ETF. This will make the creation and redemption of shares more seamless and is also an innovation of Coinbase Custody services. BlackRock's iShares products and other Bitcoin ETF applicants will also use Coinbase Custody.

The document states that the proposed updates will not bring additional costs to Grayscale shareholders and are not necessary for GBTC to convert to an ETF. Shareholders have 20 days from the submission of the application to vote on the proposed updates.