{"id":85743,"date":"2023-10-16T10:14:53","date_gmt":"2023-10-16T07:14:53","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85743"},"modified":"2025-09-13T01:10:46","modified_gmt":"2025-09-12T22:10:46","slug":"gbtc-discount-narrows-to-16-as-bitcoin-etf-launch-expectations-mount","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/gbtc-discount-narrows-to-16-as-bitcoin-etf-launch-expectations-mount\/","title":{"rendered":"GBTC discount narrows to 16% as Bitcoin ETF launch expectations mount"},"content":{"rendered":"<p>The discount on Grayscale Investments&#8217; Bitcoin Trust (GBTC) to <span data-descr=\"net asset value\" class=\"old_tooltip\">NAV<\/span> narrowed to 15.87%, the lowest since December 2021. The catalyst was rising expectations for the imminent launch<a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-cryptocurrency-etf\"> ETF<\/a> based on digital gold.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">THE GBTC DISCOUNT HAS NARROWED TO 16% AS THE MARKET BETS ON A BITCOIN SPOT ETF APPROVAL.<\/p>\n<p>Grayscale&#8217;s Bitcoin Trust, commonly known as GBTC, has experienced notable changes in its market dynamics. At the start of this year, GBTC was trading at a significant discount of 48.31%\u2026 <a href=\"https:\/\/t.co\/2nWLmvnewb\">pic.twitter.com\/2nWLmvnewb<\/a><\/p>\n<p>\u2014 The Wolf Of All Streets (@scottmelker) <a href=\"https:\/\/twitter.com\/scottmelker\/status\/1712913107297636678?ref_src=twsrc%5Etfw\">October 13, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier in the year, the discount stood at 48.31%, drawing the attention of crypto traders and The Wolf Of All Streets host Scott Melker.<\/p>\n<p>The situation in July was sharply altered by the <a href=\"https:\/\/u1f987.com\/en\/news\/blackrock-files-for-bitcoin-etf-launch\"> filing of BlackRock&#8217;s application<\/a> for a Bitcoin ETF. After this, Grayscale&#8217;s GBTC shares rose by 57%, and the discount to NAV narrowed from 41.7% to 29.3%.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-786.webp\" alt=\"1-786\" class=\"wp-image-217932\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/ycharts.com\/companies\/GBTC\/discount_or_premium_to_nav\">yCharts<\/a>.<\/figcaption><\/figure>\n<\/div>\n<p>The momentum in recent days has been aided by the <a href=\"https:\/\/u1f987.com\/en\/news\/sec-will-not-appeal-court-ruling-in-grayscale-case\"> absence of an appeal<\/a> by the <span data-descr=\"Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> of the ruling in the case against Grayscale.<\/p>\n<p>In late August, a U.S. court <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-surpasses-27500-after-court-ruling-in-grayscales-favour\"> granted<\/a> the asset-management company&#8217;s <a href=\"https:\/\/u1f987.com\/en\/news\/grayscale-sues-sec-over-refusal-to-convert-gbtc-into-an-etf\"> petition<\/a> against the regulator over the refusal <a href=\"https:\/\/u1f987.com\/en\/news\/dcg-chief-confirms-plans-to-convert-grayscales-bitcoin-trust-into-an-etf\"> to convert<\/a> GBTC into a Bitcoin ETF. The appellate court ordered the Commission to reconsider its decision.<\/p>\n<p>Bloomberg analyst James Seyffart believes negotiations between Grayscale and the SEC will begin in the next two weeks.<\/p>\n<p>According to Fox Business, on October 15 representatives of the asset manager reminded that the court would issue the final mandate within seven calendar days.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The team remains ready to convert GBTC into an ETF promptly after SEC approval. We will provide additional information later,&#8221;<\/em> according to Grayscale.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?NEW: Statement from <a href=\"https:\/\/twitter.com\/Grayscale?ref_src=twsrc%5Etfw\">@Grayscale<\/a> on the <a href=\"https:\/\/twitter.com\/SECGov?ref_src=twsrc%5Etfw\">@SECGov<\/a>\u2019s decision to not seek a rehearing:<\/p>\n<p>\u201cThe Federal Rules of Appellate Procedure\u2019s 45-day period to seek rehearing has now passed. The Court will now issue its final mandate within seven calendar days. The Grayscale team remains\u2026<\/p>\n<p>\u2014 Eleanor Terrett (@EleanorTerrett) <a href=\"https:\/\/twitter.com\/EleanorTerrett\/status\/1713599122446446815?ref_src=twsrc%5Etfw\">October 15, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On October 12, Ark Invest<a href=\"https:\/\/u1f987.com\/en\/news\/ark-invest-and-21shares-amend-filing-for-a-spot-bitcoin-etf\"> made changes<\/a> to its joint application with 21Shares to register a spot Bitcoin ETF. Bloomberg analyst Eric Balchunas saw this as a \u201cgood signal.\u201d<\/p>\n<p>Earlier, former SEC lawyer John Reed Stark <a href=\"https:\/\/u1f987.com\/en\/news\/ex-sec-lawyer-rules-out-approval-of-spot-bitcoin-etf\"> ruled out<\/a> approval of a spot Bitcoin ETF. However, Bernstein<a href=\"https:\/\/u1f987.com\/en\/news\/bernstein-sees-high-odds-of-spot-bitcoin-etf-approval\"> and <a href=\"https:\/\/u1f987.com\/en\/news\/jay-clayton-steps-down-as-head-of-the-u-s-sec\"> former SEC chairman Jay Clayton<\/a> assessed the prospects for a fresh wave of contenders as high.<\/p>\n<p>Former BlackRock director Stephen Shonfield suggested the agency would approve the instrument within three to six months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GBTC discount to NAV narrowed to 15.87%, the lowest since December 2021. The catalyst was rising expectations for an imminent ETF launch.<\/p>\n","protected":false},"author":1,"featured_media":85744,"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":[18,1214,943,36,128],"class_list":["post-85743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-grayscale-bitcoin-trust","tag-grayscale-investments","tag-regulation","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85743","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=85743"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85743\/revisions"}],"predecessor-version":[{"id":85745,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85743\/revisions\/85745"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/85744"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=85743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=85743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=85743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}