Grayscale Bitcoin Trust (GBTC) climbed to a one-year high on the 27th. Fidelity Investments is reportedly preparing to apply for a Bitcoin (BTC) spot ETF (exchange-traded fund) after BlackRock, raising optimism about GBTC’s ETF conversion. rekindled.
GBTC closed at $19.47 on the 27th, up 7.1%. Highest since June 2022, according to TradingView. Bitcoin, on the other hand, briefly climbed to $31,000 after the Fidelity news, but eventually remained mostly flat.
According to CoinDesk calculations, the GBTC discount rate has shrunk to 30%. Looking at Ycharts, the GBTC discount rate has been at this level since September 2022.
GBTC’s rise began on June 15 with the filing of a Bitcoin ETF by BlackRock and continued with the re-applications of Bitcoin ETFs by Invesco and WisdomTree. GBTC is up nearly 50% in less than two weeks since BlackRock’s filing.
Investors view GBTC positively as follows: “With optimism that BlackRock’s ETF application and the problems surrounding the ETF application may have been resolved, Grayscale has also converted to an ETF, It gave me hope that we might be able to get rid of discounts,” Doug Schwenk, CEO of crypto data provider Digital Asset Research, told CoinDesk.
Investors are also becoming more optimistic about the outcome of the lawsuit between Grayscale and the SEC, he said.
Earlier this year, Grayscale sued the SEC for its refusal to convert GBTC into an ETF.
“A positive outcome for Grayscale would increase the chances of listing as an ETF and eliminate the discount. Of course, some say BlackRock’s filing is also a view on Grayscale’s chances of winning a lawsuit. I’m watching.” (Mr. Schwenk)
｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Michael Sonnenschein, CEO of Grayscale (pictured left, Shutterstock/CoinDesk)
｜Original: Grayscale Bitcoin Trust Shares Rally to a One-Year High, Discount Dips to 30%