CryptoNews: Grayscale Bitcoin Trust's (GBTC) share price rallied on Tuesday morning, fueled by expectations of its conversion into an exchange-traded fund (ETF) following BlackRock's recent filing for a spot Bitcoin ETF. 👁
The Surge in GBTC's Share Price Has Also Led to a Narrowing Discount Relative to its Net Asset ValueGrayscale Bitcoin Trust's share price rallied on Tuesday morning, fueled by expectations of its conversion into an exchange-traded fund following BlackRock's recent filing for a spot bitcoin ETF. GBTC shares on secondary markets surpassed $16 at one point, marking the first time since May 10.
The surge in GBTC's share price has also led to a narrowing discount relative to its net asset value. The discount hit a multi-month low of 33% during the morning on Tuesday, lower than the 34% recorded in early March and the lowest level seen since September of last year. This surge in investor optimism can be attributed to the possibility of future fund redemptions, along with the ongoing lawsuit between Grayscale and the U.S.
Furthermore, rumors have emerged surrounding Fidelity, another major investment management firm, potentially filing for a spot bitcoin ETF or acquiring Grayscale. However, a Fidelity spokesperson clarified that the company has not publicly announced any plans to file, stating that no filings have been made since the SEC's denial of the Wise Origin Bitcoin Trust application in March 2021.I've been writing about Bitcoin since 2014.
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