GBTC discount narrows to nearly 10% first time since 2021, while Grayscale is in talks with SEC
- Grayscale is making changes to its offering documents as it discusses spot Bitcoin ETF filing with the SEC.
- GBTC discount narrowed to 9.77% for the first time since August 2021.
- GBTC discount was 40% prior to BlackRock’s spot Bitcoin ETF filing in June, market optimism is likely closing the gap.

Grayscale has amended its spot Bitcoin ETF filing, in consultation with the US financial regulator, the Securities and Exchange Commission (SEC). The GBTC discount has narrowed to -9.77%, for the first time in two years.
Grayscale discount narrows, falls below 10%
Grayscale’s GBTC shares typically trade at a discount since they cannot be redeemed for BTC, instead they can only be sold to other buyers. Despite this limitation, GBTC traded at a premium until 2021.
GBTC discount deepened during the crypto market crises, trading at nearly 49% discount in December 2022. Since then, GBTC price recovered and discount narrowed, it is now trading 9.77% below the value of BTC that the share represents. The GBTC discount narrowed to this level for the first time since August 2021, marking a key milestone for GBTC share holders.
GBTC Discount or Premium to NAV
Grayscale is in talks with the SEC
Bloomberg ETF analyst, James Seyffart informed his 58,400 followers on the social media platform X that the US financial regulator is in talks with Grayscale regarding its spot Bitcoin ETF application.
Update: New Grayscale S-3/Prospectus #Bitcoin ETF filing to convert $GBTC. Right off the bat the biggest update is the plan to change $GBTC's ticker to $BTC (which was expected). Skimming through the rest now. pic.twitter.com/W9uNdAHLMv
— James Seyffart (@JSeyff) November 22, 2023
The asset management firm landed a historic win against the regulator in a recent lawsuit. The regulator is re-reviewing Grayscale’s spot Bitcoin ETF filing and the process has resulted in amendments and updates to the firm’s application. Find out more about this here.
It is likely that market optimism on the possible approval of a spot Bitcoin ETF approval is narrowing the GBTC discount, as the share price rises.
Author

Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.





