Shares for the Grayscale Bitcoin Trust (GBTC) – the world’s largest Bitcoin fund – are nearly back to parity with Bitcoin (BTC)’s price after trading deeply underwater for the past two years.
Their rising value reflects market confidence that Grayscale’s efforts to convert its fund into a Bitcoin spot ETF will prove successful.
The SEC’s Promising Meetings
Starting on Wednesday night, GBTC’s discount to NAV ratio shrank as low as 8.6%, according to Bloomberg ETF analyst Eric Balchunas.
The discount reflects the difference between the market cap of GBTC’s shares versus the total value of all BTC held by the trust.
According to the most recent figures from Grayscale’s website, the fund holds $33.75 in BTC per share, compared to a market price of $31.21 right now – a mere 7.5% discount as of Friday.
The reduction was “likely prompted by their updated filings/SEC meeting” on Wednesday, the analyst said.
At the time, separate memos from the Securities and Exchange Co
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