[COPY]Grayscale Bitcoin Trust discount rate lowest since May 2022 | CoinDesk JAPAN


$19 billion (approximately ¥2.755 trillion, or $1) after BlackRock, the world’s largest asset manager, applied to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin ETF (Exchange Traded Fund). The discount rate to the net asset value (NAV) of Grayscale Bitcoin Trust (GBTC), the world’s largest listed bitcoin fund exceeding 145 yen conversion) continues to shrink.

Discount rate temporarily dropped to 26%

The discount rate for NAV rose to nearly 50% at the end of last year. After hovering around 40% for most of 2023, a steep downward trend began after BlackRock filed for a Bitcoin ETF in mid-June. Looking at Ycharts, it briefly fell to 26% last week, its lowest level since May 2022. It is currently hovering around 27%.

After BlackRock’s filing, a number of other financial firms, including fellow asset manager Fidelity, filed and re-applied for similar funds. These strong player moves have raised investor hopes that the SEC will finally approve the Bitcoin ETF, which has been rejected for years.

This has accelerated buying into GBTC, which was heavily discounted after an application to convert to a Bitcoin ETF about two years ago was rejected. Grayscale is suing the SEC and expects a decision by the end of the third quarter.

Leveraged bitcoin futures ETF is the point of lawsuit

Lawyers for Grayscale said in a court filing Thursday that the SEC approved a leveraged bitcoin futures ETF at the end of June. It added that it is an “even riskier” product than the already approved bitcoin futures ETF, adding it to the litigation.

Despite growing optimism about SEC approval of a Bitcoin ETF at the moment, investors may need to remain vigilant. Octavio Marenzi, CEO and founder of Opimas, told CoinDesk TV on Wednesday, “When I saw the BlackRock application being submitted, I really laughed out loud.” He noted that BlackRock funds are seeking to adopt Coinbase as a cryptocurrency custodian, even though the SEC has sued Coinbase.

|Translation: CoinDeskJAPAN
|Editing: Rinan Hayashi
|Image: Ycharts
|Original: Grayscale Bitcoin Trust Discount Narrows to Lowest Since May 2022

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