{"id":67691,"date":"2022-09-26T16:13:39","date_gmt":"2022-09-26T13:13:39","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67691"},"modified":"2025-09-07T08:02:03","modified_gmt":"2025-09-07T05:02:03","slug":"grayscales-gbtc-discount-to-nav-hits-a-record-35","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/grayscales-gbtc-discount-to-nav-hits-a-record-35\/","title":{"rendered":"Grayscale’s GBTC discount to NAV hits a record 35%"},"content":{"rendered":"

On September 23, the discount of Grayscale Investments’ Bitcoin Trust (GBTC) to its net asset value (NAV) reached 35.18%, according to data from yCharts<\/a>.<\/p>\n

\"GBTC
Dynamics of GBTC premium\/discount to NAV. Data: yCharts.
<\/figcaption><\/figure>\n

According to \u0441\u0430\u0439\u0442\u0443<\/a> Grayscale, as of writing GBTC assets are valued at $11.9 billion.<\/p>\n

The reason for the discount to NAV is the delay in approving the application<\/a> to convert the Bitcoin Trust into an exchange-traded fund (ETF). Grayscale’s chief executive Michael Sonnenschein called this task the top priority<\/a>.\u00a0<\/p>\n

Plans to convert GBTC into an ETF became known in April 2021<\/a>.\u00a0<\/p>\n

On December 17, 2021, the SEC \u043e\u0442\u043b\u043e\u0436\u0438\u043b\u0430<\/a> decision on the company’s<\/a> application, filed three months earlier. In February 2022, the Commission took this step again<\/a>.<\/p>\n

On June 30, the company \u043f\u043e\u0434\u0430\u043b\u0430 \u0432 \u0441\u0443\u0434 \u043d\u0430 \u0440\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440\u0430<\/a> after the final rejection of its application. The company noted that the case could take one to two years<\/a> to be resolved.<\/p>\n

Earlier, Grayscale indicated that the SEC’s willingness to approve a Bitcoin futures ETF, despite denials to its spot-based filings, could violate the Administrative Procedure Act. \u00a0<\/p>\n

The editorial pages of the Wall Street Journal, Forbes<\/a>, and also CEO Messari Ryan Selkis<\/a> criticized the regulator’s stance.<\/p>\n

Arcane Research, among other reasons for GBTC’s discount, called<\/a> the emergence of alternative instruments, the launch of Bitcoin funds, and acquisitions of the first cryptocurrency directly by companies.<\/p>\n

Additional pressure on the quotes came from major holders divesting the asset, such as Celsius Network<\/a> and Three Arrows Capital<\/a>, due to liquidity problems that led to their bankruptcies.<\/p>\n

Read ForkLog’s Bitcoin news in our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

On September 23, the GBTC discount to NAV reached 35.18% according to data from yCharts.<\/p>\n","protected":false},"author":1,"featured_media":67692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1214,943],"class_list":["post-67691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-grayscale-bitcoin-trust","tag-grayscale-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=67691"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67691\/revisions"}],"predecessor-version":[{"id":67693,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67691\/revisions\/67693"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/67692"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=67691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=67691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=67691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}