On September 23, the discount of Grayscale Investments’ Bitcoin Trust (GBTC) to its net asset value (NAV) reached 35.18%, according to data from yCharts.
According to сайту Grayscale, as of writing GBTC assets are valued at $11.9 billion.
The reason for the discount to NAV is the delay in approving the application to convert the Bitcoin Trust into an exchange-traded fund (ETF). Grayscale’s chief executive Michael Sonnenschein called this task the top priority.
Plans to convert GBTC into an ETF became known in April 2021.
On December 17, 2021, the SEC отложила decision on the company’s application, filed three months earlier. In February 2022, the Commission took this step again.
On June 30, the company подала в суд на регулятора after the final rejection of its application. The company noted that the case could take one to two years to be resolved.
Earlier, Grayscale indicated that the SEC’s willingness to approve a Bitcoin futures ETF, despite denials to its spot-based filings, could violate the Administrative Procedure Act.
The editorial pages of the Wall Street Journal, Forbes, and also CEO Messari Ryan Selkis criticized the regulator’s stance.
Arcane Research, among other reasons for GBTC’s discount, called the emergence of alternative instruments, the launch of Bitcoin funds, and acquisitions of the first cryptocurrency directly by companies.
Additional pressure on the quotes came from major holders divesting the asset, such as Celsius Network and Three Arrows Capital, due to liquidity problems that led to their bankruptcies.
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