GBTC discount narrows to 33% amid buyout rumors, revived spot Bitcoin ETF interest
According to YCharts, Grayscale’s Bitcoin Trust (GBTC) stock surged 11% to $16.85 on June 20, narrowing the discount to net asset value (NAV) to 33.45%, a year-to-date high. became. data.
Citing data from CryptoQuant, Wu Blockchain reported that the increase coincided with a record trading volume of $10.24 million, the highest since November 22, 2022.
From the beginning of the year to the present, crypto slate Insight reported a 96% increase in GBTC.
BlackRock ETF Application Boosts Interest in GBTC
There is renewed optimism for GBTC stocks. linked To apply for BlackRock’s Bitcoin Spot ETF. Wu noted that news of BlackRock’s filing contributed to a more than 25% gain in GBTC shares.
Unconfirmed rumors also suggest that Fidelity Investments is considering buying Grayscale. Fidelity is the world’s third largest asset manager with $4.24 trillion under management.
Syz Capital partner Richard Byworth said: said Fidelity’s proposal for GBTC “is likely to result in a rapid revision of the discount to zero,” it said.
Grayscale’s effort to convert GBTC into an ETF
Like several other companies, Grayscale has been applying for a spot Bitcoin ETF for several years, but has been repeatedly turned down by the U.S. Securities and Exchange Commission.
According to the Commission, these applications failed to comply with certain provisions of securities laws and were not designed to prevent fraud or market manipulation or to protect the interests of investors and the public. The application has failed.
However, these repeated denials prompted Grayscale to file a lawsuit against the SEC, claiming that spot ETFs are no different from futures ETFs previously approved by the SEC. Both spot and futures ETFs rely on the price of Bitcoin, Grayscale said, so they carry the same level of risk regardless of where they trade.
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