Grayscale Bitcoin Trust (GBTC) Shares Rally 17% After Major Victory Against US SEC
Grayscale has won a significant victory against the US SEC regarding the conversion of its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF. This has led to a rally in the GBTC share price, which closed at $20.56 on Tuesday, August 29, with a reduced discount to the fund's underlying token holdings.
GBTC daily trading volume hits highest since June 21, 2022
Grayscale's court victory has boosted GBTC trading volume. As of the close of trading on the same day, the daily trading volume of Grayscale's GBTC reached its highest level since June 21, 2022. GBTC rose nearly 17% in secondary trading, reaching $20.56. Based on Grayscale's per-share holdings, the company's stock price rose 7.18% to $25.09. As a result, assets increased from $16.2 billion the previous day to $17.4 billion.
Grayscale Chief Legal Officer: Will work closely with the SEC to promote the conversion of GBTC into a Bitcoin spot ETF
On August 30th, Gray's Chief Legal Officer Craig Salm stated in an official statement, "We appreciate the opinion of the Washington D.C. Circuit Court, which recognizes the straightforward issue of equal treatment under the law in this case. At the same time, we are very grateful to the legal teams of Munger, Tolles and Olson, Davis Polk and Wardell. Next, we will work closely with the SEC to develop a plan to introduce GBTC as a spot bitcoin ETF on NYSE Arca."
Data: Grayscale GBTC negative premium rate narrowed to 24.90%
According to Coinglass data, the current total value of Grayscale's holdings is approximately $22.729 billion, with a premium rate of 24.90% for the Grayscale Bitcoin Trust (GBTC) and a premium rate of 34.43% for the ETH Trust. In addition, the premium for the ETC Trust is 53.66% and for the LTC Trust it is 23.46%.
Analyst: The Sharp Narrowing of the Negative Premium Rate of Grayscale GBTC Indicates That the Possibility of Future ETF Spot Approval in the United States Has Increased Significantly
According to YCharts.com, on Friday the trading price of GBTC was discounted by 26% compared to its net asset value (NAV). On August 14th, this ratio had dropped to just under 24%, a decrease of about 20 percentage points from the approximately 44% discount on June 13th.
ARK Fund has reduced its GBTC holdings by more than US$1.5 million since August 1
ARK Fund's holdings data shows that from August 1st to now, ARK Fund has sold a total of 89,994 shares of GBTC, worth approximately $1.56 million at current prices. As of the close of trading on Friday, GBTC closed at $17.4.
The Total Holding Value of Grayscale Fund Is About 22.321 Billion US Dollars, Down 18.11% in 24 Hours
According to Coinglass data, the total value of Grayscale Fund's current holdings is approximately $22.321 billion, with a 24-hour decrease of 18.11%. The negative premium rate of Grayscale Bitcoin Trust Fund (GBTC) is 26.20%; ETH Trust negative premium rate is 38.23%. In addition, ETC Trust negative premium is 55.68%, and LTC Trust negative premium is 40.22%.
Data: Grayscale GBTC’s Negative Premium Rate Narrowed to 25.31%
According to Coinglass data, the current total value of Grayscale's holdings is approximately $28.18 billion, with a negative premium rate of 25.31% for Grayscale Bitcoin Trust Fund (GBTC); a negative premium rate of 35.41% for ETH Trust; a negative premium rate of 55.74% for ETC Trust; and a negative premium rate of 37.62% for LTC Trust.
Grayscale to Provide Documentation in Lawsuit Settlement with Fir Tree Capital Management
Fir Tree Capital Management and Grayscale Investments have settled a lawsuit filed by the hedge fund against the crypto asset management firm. The lawsuit, filed in December, sought information to investigate potential mismanagement and conflicts of interest. As part of the agreement, Grayscale will provide documentation around its flagship product, GBTC, which offers exposure to bitcoin in the form of a security. Fir Tree's original complaint alleged that Grayscale investors have been harmed by "shareholder-unfriendly actions" and called for redemptions of GBTC. Grayscale is committed to converting GBTC to an ETF and is suing the SEC to pave the way for the agency to greenlight its proposal.
Blackrock's Spot Bitcoin ETF Threatens Grayscale's Dominance, Says Bernstein
June 26 (Cointime) - According to a research report by Bernstein, Grayscale's dominant position as the largest bitcoin asset management product may be threatened by Blackrock's filing for a spot bitcoin ETF in the US. Grayscale's BTC trust (GBTC) earns around $380 million in annualized fees despite being inefficient, illiquid, and trading at a significant discount.
