{"id":70315,"date":"2022-11-18T19:09:24","date_gmt":"2022-11-18T17:09:24","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70315"},"modified":"2025-09-08T01:19:59","modified_gmt":"2025-09-07T22:19:59","slug":"grayscales-gbtc-discount-hits-a-record-42","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/grayscales-gbtc-discount-hits-a-record-42\/","title":{"rendered":"Grayscale’s GBTC discount hits a record 42%"},"content":{"rendered":"

On November 17, the discount of Grayscale Investments’ Bitcoin Trust (GBTC) relative to NAV<\/span> reached 42.69%. Data from yCharts<\/a> show this.<\/p>\n

\\\"\u0414\u0438\u0441\u043a\u043e\u043d\u0442
GBTC premium\/discount to NAV over time. Data: yCharts.<\/figcaption><\/figure>\n

According to Grayscale’s website<\/a>, GBTC’s assets were valued at $10.6 billion at the time of writing.<\/p>\n

In September, the Bitcoin Trust’s discount to NAV reached 35.18%<\/a>.<\/p>\n

The discount is due to the delay in approving application<\/a> to convert the Bitcoin Trust into an ETF. CEO Michael Sonnenshein named this task a top priority<\/a>.<\/p>\n

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

On December 17, the SEC<\/span> delayed<\/a> the decision on application<\/a> for converting the company’s GBTC into an ETF, filed three months earlier. In February 2022, the Commission took this step again<\/a>.<\/p>\n

On June 30, Grayscale filed suit against the regulator<\/a> after the regulator’s final rejection of its filing. The company noted that the case could take one to two years<\/a> to resolve.<\/p>\n

Earlier, the firm said that the SEC’s willingness to approve a Bitcoin futures-based ETF, despite rejections of applications based on its spot variant, could violate the Administrative Procedure Act.<\/p>\n

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

In Arcane Research, among other reasons for GBTC’s discount, they named<\/a> the emergence of alternative instruments, the launch of bitcoin funds, and direct purchases of the first cryptocurrency by individual companies.<\/p>\n

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

The Blockchain Association backed<\/a> Grayscale Investments in the case against the SEC. The nonprofit organization described the regulator’s refusal to convert GBTC into a Bitcoin ETF as a violation.<\/p>\n

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

On November 17, the discount of Grayscale Investments’ Bitcoin Trust (GBTC) to NAV reached 42.69%. Data from yCharts show this.<\/p>\n","protected":false},"author":1,"featured_media":70316,"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":[943],"class_list":["post-70315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-grayscale-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"7","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70315","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=70315"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70315\/revisions"}],"predecessor-version":[{"id":70317,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70315\/revisions\/70317"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70316"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}