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Grayscale Bitcoin Trust (GBTC) is seeing its smallest discount in nearly two years amid growing anticipation for potential approval of spot Bitcoin ETFs in the U.S. Recent figures from YCharts indicate that GBTC’s discount to Bitcoin’s net asset value (NAV) has contracted to 15.87% as of Oct. 13. THE GBTC DISCOUNT HAS NARROWED TO 16% AS THE MARKET BETS ON A BITCOIN SPOT ETF APPROVAL. Grayscale's Bitcoin Trust, commonly known as GBTC, has experienced notable changes in its market dynamics. At the start of this year, GBTC was trading at a significant discount of 48.31%… pic.twitter.com/2nWLmvnewb — The Wolf Of All Streets (@scottmelker) October 13, 2023 The discount to NAV is a crucial metric that indicates how much a mutual fund or ETF is trading below its net asset value. It serves as a gauge to measure the gap between the trading price of a security and its actual worth. The narrowing of GBTC’s discount appears to have been influenced by the filing ...

Analysts say the best-case scenario is the SEC approves the batch of spot Bitcoin ETFs but it may also exercise its right to an appeal. The United States Securities and Exchange Commission is facing its first deadlines to decide on seven new Bitcoin (BTC) spot exchange-traded fund applications with the latest being Sept. 4 amid its defeat to Grayscale Investments in a U.S. federal appeals court. Investment firm Bitwise will learn if its ETF will win the SEC’s approval on Sept. 1 while BlackRock, VanEck, Fidelity, Invesco and Wisdomtree will all be awaiting the SEC’s decision for their funds by Sept. 2, according to several SEC filings. Meanwhile, Valkyrie is set to hear back from the SEC on Sept. 4. List of recent Bitcoin spot ETF applicant filing dates and deadlines. Source: Bloomberg The U.S. Court of Appeals ruled on Aug. 29 that the SEC’s rejection of Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was “arbitrary and capricious” — but...