The Grayscale Bitcoin Trust (GBTC) discount has reduced to -17% following the company's legal victory against the SEC.
The discount represents the difference between the market value of GBTC shares and the value of the underlying bitcoin in the trust. It trades at a discount as the shares can't currently be redeemed, so the only option is to sell them to other prospective buyers.
The Grayscale discount has shrunk over the last few months and reduced even further today . Image: TradingView.Grayscale has been locked in a long battle with the SEC to convert its flagship fund into an ETF, which would allow for conversions of the shares to the underlying assets — enabling the price of the shares to likely return to parity.
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