Even if Grayscale wins the case, the court does not have the authority to require the SEC to approve the conversion of GBTC into an ETF
On October 19, SEC Chairman Gary Gensler stated in an interview with Bloomberg that the SEC has received 8-10 filings from ETF issuers and is awaiting recommendations from staff on the approval process. Bloomberg ETF analyst Eric Balchunas stated that courts mostly reiterate what they have already said and will not require the SEC to convert GBTC (to a spot ETF) as it is not within the court's power. Therefore, even if Grayscale GBTC wins, the SEC still controls its fate to some extent.
Grayscale GBTC negative premium rate narrowed to 13.54%
Current premium rate of Grayscale Bitcoin Trust (GBTC) has further narrowed to 13.54%.
The premium rate of Grayscale's other currency trusts is as follows: ETH Trust has a premium rate of 23.7%, ETC Trust has a premium rate of 46.37%, LTC Trust has a premium rate of 11.15%, BCH Trust has a premium rate of 11.17%, and ZEC Trust has a premium rate of 16.9%.
Grayscale GBTC negative premium rate has narrowed to 12.98%
The secondary market price of Grayscale Bitcoin Trust (GBTC) is currently reported at $22.26, while the primary market price is $25.58. The current GBTC premium rate is 12.98%, which is the closest trading price to the net asset value since December 2021.
Grayscale GBTC Has Risen by More Than 160% This Year, and the Negative Premium Rate Has Narrowed to 14%
Bloomberg data shows that the Grayscale Bitcoin Trust (GBTC) discount has narrowed to 14%, the lowest level since December 2021. In addition, GBTC has risen 164% this year, compared to Bitcoin's rise of about 71%.
GBTC negative premium narrowed to 14% intraday, the lowest since 2021
According to Bloomberg Intelligence compiled data, Grayscale Bitcoin Trust Fund (GBTC) narrowed to about 14% during the day, which is the narrowest reading since 2021. Earlier this year, GBTC's negative premium was close to 50%. As of 11:00 am Eastern Time on Monday, Bitcoin rose by about 3.6%, while GBTC's stock price rose by 7.9%.
Grayscale GBTC Negative Premium Rate Has Narrowed to 15.88%
According to Coinglass data on October 16th, the current negative premium rate of Grayscale Bitcoin Trust Fund (GBTC) is 15.88%; ETH Trust's premium rate is 25.54%. In addition, ETC Trust's premium is 47.14%, LTC Trust's premium is 14.63%, and BCH Trust's premium is 17.11%.
Grayscale Bitcoin Trust Discount Narrows As Market Anticipates Bitcoin Spot ETF Approval
Grayscale Bitcoin Trust (GBTC) is currently trading at its lowest discount in almost two years, with the discount to Bitcoin net asset value (NAV) narrowing to 15.87% as of Oct. 13. This comes as spot Bitcoin ETFs move closer to potential approval in the United States, with BlackRock and other financial institutions filing spot Bitcoin ETF applications in mid-June. Analysts believe that GBTC's discount will continue to narrow as spot Bitcoin ETFs near approval, with some predicting that the discount will "evaporate" over the next week or two. Grayscale has stated that they remain operationally ready to convert GBTC to an ETF upon SEC approval.
The Discount Rate of Grayscale Bitcoin Trust Fund GBTC Has Narrowed Significantly by 16.5%
Nate Geraci, the president of ETFStore, shared data showing that the discount rate of Grayscale Bitcoin Trust Fund (GBTC) has narrowed significantly from about 43% in June to a "more optimistic" 16.5%. This indicator fluctuation is widely regarded as a signal of changes in the market's confidence in the approval of spot Bitcoin ETFs. Due to the lack of ETF options, many people choose GBTC as a channel to obtain exposure to Bitcoin. However, the significant discount of GBTC is caused by multiple factors.
Grayscale’s GBTC Fund Adds $1.17 Billion in AUM on August 29-30
In addition, CCData's report emphasizes that Grayscale's GBTC fund significantly increased its assets under management (AUM) by $1.17 billion on August 29th and 30th (the day of and the day after the court victory). This significant growth brings Grayscale's total assets under management to $17.4 billion.
Grayscale CEO: Fees will be lowered when GBTC converts to spot Bitcoin ETF
CEO of cryptocurrency fund Grayscale stated that when the Grayscale Bitcoin Trust (GBTC) is converted to a physical Bitcoin ETF, fees will definitely be reduced.
