GBTC: Bitcoin Investment Trust (Not an ETF) OTC:QX Message Board

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Non-Tech : GBTC: Bitcoin Investment Trust (Not an ETF) OTC:QX

GBTC 83.39

-3.8%

4:00 PM EDT

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From: Glenn Petersen	11/24/2023 6:28:44 AM
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GBTC’s discount to NAV drops to sub-10% territory for the first time in two years by James Hunt The Block NOVEMBER 23, 2023, 6:11AM EST Published 1 MINUTE EARLIER on QUICK TAKE The Grayscale Bitcoin Trust (GBTC) discount to net asset value (NAV) has fallen below 10% for the first time since July 2021. The discount hit -9.77% yesterday, coinciding with Cathie Wood’s Ark Invest selling more than $2 million worth of GBTC shares over the past two days. Trust discount or premium to net asset value (NAV) has fallen below 10% for the first time in over two years. This metric indicates how much lower the market price of each share is compared to the value of the bitcoin it represents. It fell to -9.77% by market close yesterday, the lowest level since July 2021, according to YCharts data. The Grayscale Bitcoin Trust trades at a discount because the shares cannot currently be redeemed, meaning the only option for shareholders is to sell them to other prospective buyers. However, it historically traded at a premium until a crypto credit crunch in 2021. GBTC discount to NAV. Image: YCharts. ----------------------------------- At the time, JPMorgan analysts attributed the collapse into discount territory to a combination of institutional investors selling GBTC to monetize the premium and the launch of new bitcoin exchange-traded funds in Canada. As of the market close yesterday, the Grayscale Bitcoin Trust shares were trading at $30.45. The Grayscale Bitcoin Trust is up approximately +25% over the past month following the Securities and Exchange Commission’s decision not to appeal the ruling involving Grayscale’s attempt to convert its flagship fund into a spot bitcoin ETF. GBTC/USD price chart. Image: YCharts. ------------------------------------------------ The narrowing trend — seeing the discount shrink from over -40% before BlackRock and others filed spot bitcoin ETF applications in June — is likely a sign of increased optimism the SEC will approve a spot bitcoin ETF in the U.S., including the potential conversion of GBTC. The SEC met with Grayscale and BlackRock over their spot bitcoin ETF filings earlier this week. GBTC’s discount to NAV drops to sub-10% territory for the first time in two years \| The Block

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