GBTC discount narrows to 33% amid buyout rumors, revived spot Bitcoin ETF interest

Grayscale’s Bitcoin Trust (GBTC) shares roseate 11% connected June 20 to $16.85 and narrowed the discount to its nett plus worth (NAV) to 33.45%—its highest constituent since the opening of the year, according to YCharts data.

Source: Ycharts

Wu Blockchain, citing CryptoQuant data, reported that the summation coincided with a record-high trading measurement of $10.24 million—the highest since November 22, 2022.

On the year-to-date metrics, a CryptoSlate Insight reported that GBTC has accrued by 96%.

BlackRock’s ETF exertion fuels involvement successful GBTC

The renewed optimism surrounding GBTC shares has been linked to BlackRock’s exertion for a Bitcoin spot ETF. Wu pointed retired that quality of BlackRock’s exertion has helped GBTC shares to rally by much than 25%.

Unconfirmed rumors besides suggested that Fidelity Investment was considering a buyout of Grayscale. Fidelity is the world’s third-largest plus manager, with $4.24 trillion nether management.

A spouse astatine Syz Capital, Richard Byworth, stated that a Fidelity connection for GBTC would “likely spot the discount close to zero rapidly.”

Grayscale’s effort to person GBTC into an ETF

Like respective different companies, Grayscale has filed for the constitution of a spot Bitcoin ETF for respective years but was repeatedly turned down by the U.S. Securities and Exchange Commission.

According to the Commission, these applications failed due to the fact that they could not comply with definite sections of the Securities Exchange Act and were not designed to forestall fraud and marketplace manipulation oregon support investors and nationalist interests.

However, these repeated rejections led Grayscale to record a lawsuit against the SEC, arguing that a spot ETF was not antithetic from a futures ETF—which the SEC had antecedently approved. According to Grayscale, some spot and futures ETFs trust connected Bitcoin’s terms and frankincense transportation the aforesaid levels of hazard careless of wherever they are traded.

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