Grayscale has expressed its readiness to convert its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) after the US Securities & Excha
Grayscale said it is prepared to convert its Grayscale Bitcoin Trust into an exchange-traded fund after the SEC’s missed deadline.
shares against its net asset value has significantly reduced from 48% to 16%. Also Read: Bitcoin price surges as SEC misses appeal deadline for Grayscale market cap is close to $3.5 billion based on Yahoo Finance data. Meanwhile, the next critical approval deadline for the SEC is upcoming on January 10 which pertains to an application previously submitted by ARK Invest and 21Shares. Additionally, the SEC is evaluating multiple spot Bitcoin ETF proposals, including those from financial heavyweights like Fidelity and BlackRock.
's discount against the net asset value has reduced from almost 48% in December 2022 to 16% on Friday based on YCharts data. Crypto investor and influencer Scott Melkar noted, The narrowing of the discount between the market price and NAV could be indicative of shifting market sentiment and potentially increased demand for
, but it's worth noting that there is no guarantee that the discount will continue to narrow or even flip to a premium. Amid the recent developments, arbitrage trading has spiked, as per investor Mike Alfred. He explained that as the discount on arbitrage traders are shorting spot BTC as a hedge against their
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