Grayscale Trust Becomes ‘Betting Line’ for Spot Bitcoin ETF
- GBTC’s discount has narrowed to 8% from nearly 50% this year
- Billions could exit GBTC if it converts to an ETF: JPMorgan
The narrowing discount reflects building optimism that the SEC is poised to allow physically-backed Bitcoin ETFs to launch.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Traders betting that regulators will approve a US spot Bitcoin exchange-traded fund sooner rather than later have all but evaporated a once-gargantuan discount on the world’s biggest crypto fund.
The $24 billion Grayscale Bitcoin Trust (ticker GBTC) is currently trading at a roughly 8% discount to its underlying Bitcoin holdings, the narrowest dislocation in over two years, data compiled by Bloomberg show. GBTC entered 2023 with a record discount of nearly 50%.