GBTC 'discount' hits smallest since 2021 despite BTC price at 3-month lows
Bitcoin (BTC) investment vehicle, the Grayscale Bitcoin Trust (BTC), now trades at just 17% below BTC price parity.
The latest data from monitoring resource CoinGlass confirms that as of Sep. 9, GBTC shares traded at 17.17% less than BTC/USD.
Bitcoin’s largest institutional investment vehicle, GBTC has seen its fortunes improve significantly since news that BlackRock, the world’s largest asset manager, said that it planned to file an application for the United States’ first Bitcoin spot price-based exchange-traded fund (ETF).
This was music to the ears of Grayscale executives, who were already in the middle of a legal battle with U.S. regulators over turning GBTC itself into a spot ETF.
The U.S. Securities and Exchange Commission (SEC) has yet to approve a single spot ETF application, recently delaying a decision on multiple projects.
Despite this, Grayscale last month won a key face-off with the SEC, securing a welcome industry boost, which further buoyed GBTC price performance.
GBTC shares’ discount to the Bitcoin price — once a surplus referred to as the “GBTC Premium,” was just 17.17% on Sep. 9, marking its best levels since December 2021.
The premium has been negative, known as a discount to net asset value (NAV), ever since. At one point it reached nearly 50%.
GBTC has thus begun to diverge from BTC price strength, with the latter still sloping downhill as it retests levels rarely seen over the past six months.
Related: Double top ‘likely’ confirmed — 5 things to know in Bitcoin this week
BTC price traded at under $25,500 at the time of writing, data from Cointelegraph Markets Pro and TradingView showed, with the Wall Street open adding fuel to an already limp market.
As Cointelegraph reported, September tends to be a
Read more on cointelegraph.com
