Grayscale’s Bitcoin Trust Discount Narrows to Lowest Level Since December 2021
The discount between Grayscale’s Bitcoin Trust (GBTC) price and the value of Bitcoin has reached its lowest level since December 2021, dropping to 18.06% according to Coinglass data. This development comes as Grayscale secured a significant win against the SEC, with a D.C. circuit court ruling that the Commission lacked a coherent explanation for blocking Grayscale’s plan to convert its GBTC product into a spot Bitcoin ETF.
Key Points:
- Grayscale Bitcoin Trust currently holds $17.10 billion worth of Bitcoin.
- One GBTC share represents 0.00090089 BTC.
- The price of 1 GBTC share on August 29 was $25.09, compared to the GBTC price of $20.56.
- Shares of GBTC have been trading at a discount to Bitcoin’s market value since February 2021.
- The discount reached its lowest point at nearly 50% in December 2022.
This recent development suggests that the market is recognizing Grayscale’s efforts and their victory against the SEC as a positive step towards the conversion of GBTC into a spot Bitcoin ETF. The narrowing discount between GBTC and the value of Bitcoin indicates increasing confidence and trust in Grayscale’s product, potentially attracting more investors to the market.
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