On May 12, the GBTC trading discount to its net asset value (NAV) reached 30.79%, according to data from yCharts.
According to сайту Grayscale, GBTC assets were valued at $18.3 billion at the time of writing.
The reason for the NAV discount is the delay in approving application to convert the Bitcoin Trust into an exchange-traded fund (ETF). Earlier, Grayscale CEO Michael Sonnenshein described this task as the firm’s top priority.
Plans to convert GBTC into an ETF became known in April. The fund would be an ETF whose underlying asset is the cryptocurrency itself, not a futures contract on it.
In February 2022, the U.S. Securities and Exchange Commission (SEC) delayed a decision on Grayscale’s filings until July 6. To date, the regulator has not approved any application to launch a spot bitcoin ETF, but allowed futures-based funds on the first cryptocurrency from VanEck, Valkyrie Investments and ProShares.
Grayscale Investments said it was prepared to sue the agency in the event of a denial. The firm also noted to the SEC that одобрение фьючерсного биткоин-ETF от Teucrium is a basis for a similar decision on its own application.
As reported, most Nasdaq financial advisers surveyed approved investments in a spot crypto ETF.
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