The discount on GBTC's share price went as low as 33% Tuesday, a multi-month low. Investors turned upbreat about Grayscale allowing redemptions in the future after BlackRock’s filing for spot bitcoin ETF, NoelleInMadrid said. sndr_krisztian reports
The price of GBTC shares on secondary markets rose past $16 for the first time since May 10, according to TradingView. It is currently trading at around $15.9, gaining some 24% since Thursday, the day of BlackRock's filing.
“Many are taking BlackRock's conviction as a sign that they expect Grayscale to win its case against the SEC, and want to be in with an ETF filing should that happen,” macro analyst Noelle Acheson said in a note. "The discounts have also narrowed further as GBTC's liquidity remains low," Vetle Lunde, analyst at digital asset research firm K33 Research, said in a note.
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