According to Cointelegraph, Grayscale Bitcoin Trust (GBTC), Grayscale’s Bitcoin (BTC $27,754) investment vehicle, is trading at its lowest discount in nearly two years as spot Bitcoin exchange-traded funds (ETFs) continue to inch toward potential approval in the United States.
With insights from the latest data from YCharts GBTC’s discount to Bitcoin’s net asset value (NAV) has narrowed to 15.87% as of October 13, 2023.
Sources revealed that GBTC’s discount began to narrow when BlackRock and several other financial institutions filed spot Bitcoin ETF applications in mid-June. The discount is expected to fall from 44% on June 15 to 26.7% by July 5, 2023, Cointelegraph added.
According to CoinGecko, the last time GBTC’s discount was at a similar level was in early December 2021, only a month after BTC hit its all-time high price of $69,000 on November 10, 2023, Cointelegraph concluded.
(With insights from Cointelegraph)