{"id":81311,"date":"2023-07-06T09:13:33","date_gmt":"2023-07-06T06:13:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81311"},"modified":"2025-09-11T22:06:12","modified_gmt":"2025-09-11T19:06:12","slug":"gbtc-shares-jump-57-after-blackrock-bitcoin-etf-filing","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/gbtc-shares-jump-57-after-blackrock-bitcoin-etf-filing\/","title":{"rendered":"GBTC Shares Jump 57% After BlackRock Bitcoin ETF Filing"},"content":{"rendered":"

After the filing of BlackRock’s application<\/a> to launch a Bitcoin ETF, Grayscale Investments’ GBTC quotes rose by 57%, with the discount to the NAV<\/span> narrowing from 41.7% to 29.3%.<\/p>\n

Such a low reading had not been seen in a year.<\/p>\n

\n
\\\"image-426\\\"
Data: The Block<\/a>.<\/figcaption><\/figure>\n<\/div>\n

During the period, the digital gold rose 21%, from around $25,000 to around $30,300. The Bitcoin Trust shares, on higher volumes, rose from $13 to $20.46.<\/p>\n

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The market began to anticipate approval of BlackRock’s application, which led to expectations that Grayscale would convert the trust’s shares into an exchange-traded fund<\/em>, explained<\/a> The Block Research analyst Rebecca Stevens.<\/p>\n<\/blockquote>\n

Following the BlackRock filing, similar filings were submitted by Valkyrie<\/a>, Fidelity Investments<\/a>, WisdomTree and Invesco<\/a>. In the list of applications at the SEC<\/span> ARK Invest with 21Shares have priority<\/a> based on the timing of their submissions.<\/p>\n

Subsequently, the above-listed firms sent the agency amended proposals<\/a> taking into account the Commission’s criticisms<\/a> of the so-called joint surveillance agreement<\/a> or details of this mechanism. The latter became a key addition to BlackRock’s application.<\/p>\n

Analysts at Bernstein say the regulator cannot keep a negative stance toward spot BTC ETFs for long.<\/p>\n

In 2021, the SEC approved products ProShares<\/a> and Valkyrie Investments<\/a>, based on Bitcoin futures on the CME<\/span>. To date, the Commission has rejected all spot Bitcoin ETF proposals.<\/p>\n

In October 2021, Grayscale filed for conversion of GBTC into an ETF. On December 17, the agency postponed a decision on the filing to February 2022. On June 30, Grayscale filed suit against the SEC after a negative ruling.<\/p>\n

In December 2021, the company acknowledged that the Commission could have violated the Administrative Procedures Act in approving a Bitcoin futures-based ETF with deviations from its spot-based filing.<\/p>\n","protected":false},"excerpt":{"rendered":"

After BlackRock filed for the Bitcoin ETF, GBTC shares rose 57%, and the discount to NAV narrowed from 41.7% to 29.3%.<\/p>\n","protected":false},"author":1,"featured_media":81312,"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":[1214,943,1211],"class_list":["post-81311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-grayscale-bitcoin-trust","tag-grayscale-investments","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81311","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=81311"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81311\/revisions"}],"predecessor-version":[{"id":81313,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81311\/revisions\/81313"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/81312"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=81311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=81311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=81311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}