DeFi News Official TheBitTimes.com

Some analysts say GBTC’s discount is narrowing because investors are pricing in the SEC’s approval on several pending spot Bitcoin ETF applications. Grayscale’s Bitcoin investment vehicle, Grayscale Bitcoin Trust (GBTC) is trading at its lowest discount in nearly two years, as spot Bitcoin ETFs continue to inch toward potential approval in the United States. The latest data from YCharts shows GBTC’s discount to Bitcoin net asset value (NAV) has narrowed to 15.87% as of Oct. 13. Discount to net asset value (NAV) is a percentage that measures the amount that a mutual fund or ETF is trading below its net asset value. The metric is used to track how far away a security is trading away from its true value. Data shows that GBTC’s discount began to narrow when BlackRock and several other financial institutions filed spot Bitcoin ETF applications in mid-June, where the discount fell from 44% on June 15 to 26.7% by July 5. Since then, the figure has continued to narrow. GBTC’s Discount to N...

With the market maturing, accredited investors are demanding more pathways in the crypto industry. Major institutions have been chasing an approved Bitcoin spot ETF, but the SEC has been dismissive in the past. Now, brokerage firm Bernstein feels that the probability of the SEC approving the spot vehicle is fairly high at this stage. The SEC has time and again rejected spot BTC ETF s in the past indicating that they do not meet sec urity standards to prevent fraudulent practices. Right now, exchanges are not leaving any stone unturned. A day back, CBOE Global Markets filed amended applications revealing its tie-up with Coinbase on market surveillance.   Grayscale CEO Michael Sonnenshein , acknowledged the efforts of BlackRock, Fidelity , and other asset managers for venturing into the crypto industry. Commenting on BlackRock’s decision to file for a spot in Bitcoin ETF , Sonnenshein said in a recent CNBC interview, “It’s [it is] a moment of validation. To ...