GBTC Discount Drops Below 10% for First Time in Two Years
The Grayscale Bitcoin Trust (GBTC) discount to net asset value (NAV) has fallen below 10% for the first time in over two years, reaching -9.77% by market close yesterday. This narrowing trend is likely due to increased optimism that the SEC will approve a spot Bitcoin ETF in the U.S., including the potential conversion of GBTC. Cathie Wood's Ark Invest has also sold over $2 million worth of GBTC shares in the past two days.
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GBTC Discount Drops Below 10% for First Time in Two Years
The Grayscale Bitcoin Trust (GBTC) discount to net asset value (NAV) has fallen below 10% for the first time in over two years, reaching -9.77% by market close yesterday. This narrowing trend is likely due to increased optimism that the SEC will approve a spot Bitcoin ETF in the U.S., including the potential conversion of GBTC. Cathie Wood's Ark Invest has also sold over $2 million worth of GBTC shares in the past two days.