Last year Grayscale applied to the U.S. Securities and Exchange Commission (SEC) to convert GBTC into a spot exchange-traded fund. Many analysts are skeptical the SEC will approve the conversion anytime soon, though some traders have bought GBTC as a way of betting on the prospect of the SEC’s nod; in that sense, a wider discount signals dimming optimism for such an approval.
Grayscale’s GBTC Sees Inflow for First Time Since Bitcoin ETF’s January Debut
While the Friday inflow ends the streak of net GBTC withdrawals, BlackRock's iShares Bitcoin Trust (IBIT) is challenging the fund...