GBTC discount rate hits lowest since July 2021 – optimism surrounding Grayscale ETFs | CoinDesk JAPAN

The discount rate for Grayscale Bitcoin Trust (GBTC), the world’s largest Bitcoin fund, reached its narrowest level since July 2021 on the 24th. This is due to optimism that Bitcoin spot ETFs (exchange traded funds) will be approved in the United States.

Discount rate is 8.6%

GBTC’s price reached an 8.6% discount to its net asset value (NAV) on the 24th, making it the closest to its net asset value (NAV) for the first time in nearly two years since July 2021, according to Ycharts data.

GBTC has been trading at a discount since February 2021, and hit its lowest ever discount rate of nearly 50% in December last year.

Optimism around ETFs

Eric Balchunas, an ETF analyst at Bloomberg, said on It was pointed out that this was likely caused by.

Grayscale is currently awaiting a decision from the U.S. Securities and Exchange Commission (SEC) on whether it can convert GBTC, a closed-end fund, into an ETF. This week, reports emerged that the company had discussed the details of GBTC with regulators, sparking optimism.

Conducting discussions regarding rule changes

A memo released by the SEC on the 22nd revealed that Grayscale met with the SEC to discuss the details of GBTC.

“This discussion concerned NYSE Arca Inc.’s proposed rule changes for listing and trading GBTC under NYSE Arca Rule 8.201-E,” the memo states.

Grayscale has a transfer agency and services agreement with BNY Melon, which will help the bank manage GBTC, according to a filing released by financial lawyer Scott Johnson. It will act as an agent and facilitate the issuance and redemption of funds.

｜Translation and editing: Rinan Hayashi
｜Image: Grayscale CEO Michael Sonnenshein (Shutterstock/CoinDesk)
｜Original text: Grayscale’s GBTC Discount to NAV At Narrowest Since July 2021 on ETF Optimism