GBTC 'discount' hits smallest since 2021 despite BTC price at 3-month lows
Bitcoin sits in the shade as the GBTC share price creeps ever closer to 1:1 against the BTC price. 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. GBTC retraces nearly two years of losses 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...