Grayscale’s GBTC stock price rallied 25% ever since BlackRock filed for spot Bitcoin ETF, and the discount on its BTC holdings dropped to 37%.
If BlackRock wins the SEC approval it would step up competition in the market putting pressure on Grayscale’s valuations.
Despite the crackdown by the US SEC in recent times, big players from the traditional financial markets have stepped in to launch their own spot Bitcoin ETF products. Ever since BlackRock submitted its application, the share price of Grayscale Bitcoin Trust (GBTC) has been moving upwards.
Over the last week, the GBTC share price has surged by more than 27%. During Tuesday’s trading session on June 20, the GBTC share price gained 11.40% ending the trading session at $16.85. The stock also registered its highest single-day trading volume of $10.24 million, since November 2022. As part of the current recovery in the GBTC stock, the discount on its underlying BTC holdings has dropped to 34%, from 44% a week before.
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