GBTC Discount Narrows to All-Time Low, Signaling Optimism for Bitcoin ETF Approval
One of the notable developments in the crypto industry in 2023 was the narrowing of the Grayscale Bitcoin Trust (GBTC) discount to its net asset value (NAV). The discount, which measures the difference between the market price of GBTC shares and the value of the bitcoin it represents, fell to its lowest level in over two years. This is seen as a positive sign for the prospects of a bitcoin exchange-traded fund (ETF) being approved by the U.S. Securities and Exchange Commission (SEC). The narrowing trend is likely due to increased optimism among investors that the SEC will approve a spot bitcoin ETF, including the potential conversion of GBTC.
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