GBTC's discount to NAV narrows as Bitcoin ETF race kicks off

Quick Take

  • GBTC’s discount to NAV has decreased from 44.02% on June 13 to 31.32% on June 23, according to The Block’s data dashboard. 

Grayscale's flagship Bitcoin Trust has seen its discount to net asset value shrink in the wake of a flurry of new filings for spot bitcoin exchange-traded funds, according to The Block's data dashboard. 

GBTC was trading at a 31.32% discount to NAV on June 23, a decline from a discount of 44.02% on June 13. Shares of GBTC can trade at a discount or premium to bitcoin depending on investor demand. Until early 2021, shares in the fund traded at a premium before flipping to a discount following a wide-spread crypto credit crunch. 

The narrowing of the discount likely reflects investor confidence in GBTC upgrading to an exchange-traded fund, which the US Securities and Exchange Commission has so far blocked. The asset manager is suing the agency over this matter. 

BlackRock's filing for a Bitcoin ETF


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The entrance of BlackRock into the race for spot bitcoin ETF approval has provided a new glimmer of hope for issuers that an ETF might ultimately receive a greenlight.

Indeed, Bloomberg's Eric Balchunas described BlackRock's surprise filing as a move that "breathed new life into the race."

Since its filing on June 15, a number of issuers — including WisdomTree and Invesco — have resubmitted filings for their own funds following BlackRock's lead. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].


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