Grayscale Bitcoin Trust Shares Rally to a One-Year High, Discount Dips to 30%
Investors are betting that recent filings for spot BTC ETF improve the chances for Grayscale to convert its trust into an ETF and close the price gap, one observer said....
- Grayscale Bitcoin Trust's share price reached a one-year high on Tuesday.
- This was due to renewed optimism about converting the trust into an ETF, following reports of investment asset manager Fidelity Investments preparing to follow BlackRock's application for a spot bitcoin ETF with its own.
- GBTC closed at $19.47 on Tuesday afternoon, gaining 7.1% through the day.
- The discount on GBTC's share price relative to its net asset value dropped to 30%, the lowest since last September.
- GBTC has gained nearly 50% in less than two weeks since BlackRock's application.
- Investors are betting on GBTC because of the BlackRock filing and optimism that the firm may have cracked the code on an ETF, giving hope that Grayscale could also convert and remove the discount.
- Traders are also increasingly optimistic about the outcome of a lawsuit between Grayscale and the U.S. Securities and Exchange Commission.
The article has a positive sentiment as it reports on the surge in Grayscale Bitcoin Trust's share price and renewed optimism about converting the trust into an ETF.