The Grayscale Bitcoin Trust (GBTC), the world’s largest Bitcoin fund, has experienced significant discounts over the past 24 months. However, this decline is fueling optimism: the approval of a Bitcoin exchange-traded fund (ETF) appears to be getting closer in the United States.
Positive Signs for Bitcoin ETF
Recently, the SEC exceeded its deadline to contest the transformation of Grayscale’s GBTC fund into a Bitcoin Spot ETF. This news has sparked speculation about a possible regulatory approval in the United States.
Reduced Discounts on GBTC
On October 13, GBTC shares were traded at a discount of 16% compared to its net asset value (NAV), the lowest level since December 2021.
The discount, which was 43% in June, has narrowed to 26.7% in three weeks, with the entry of financial giants like BlackRock into the Bitcoin ETF market.
When Will the Bitcoin Spot ETF Arrive?
The big question remains: when will we see the Bitcoin Spot ETF? Although the SEC did not respond by October 13, the court could ask them to reconsider Grayscale’s request. Despite the uncertainties, experts remain confident. Bloomberg analysts even estimate a 90% probability of approval after the updates made by Ark Invest and 21Shares.
