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GRAYSCALE GBTC discount reached a record 42%

Posted on October 27, 2022

GRAYSCALE GBTC discount reached a record 42%

On November 17, a decrease in bitcoin traffic quotes (GBTC) from Grayscale Investments relative to NAV reached 42.69%. This is evidenced by YCHARTS data.

According to the Grayscale website, at the time of writing, GBTC assets are estimated at $ 10.6 billion.

In September, a decrease in bitcoin traffic quotes relative to NAV reached 35.18%.

The reason for the formation of the discount is a delay in approval of the application for the transformation of bitcoin traffic to the exchange fund (ETF). The head of the company Michael Sonnenshain called this task the most important priority.

The company’s plans to convert GBTC in ETF became known in April 2021.

On December 17, SEC postponed the decision on the application of the company submitted three months before. In February 2022, the commission took this step again.

On June 30, Grayscale sued the regulator after the final deviation of its application. The company noted that the consideration of the case may take one to two years.

Earlier, the company indicated that the readiness of the SEC approve Bitcoin-ETF based on futures with deviations on the basis of its spot option may violate the law on administrative procedures.

The regulator’s position was criticized by the editorial office of Wall Street Journal, Forbes, as well as CEO Messari Ryan Selkis.

Arcane Research among other reasons for the formation of the GBTC discount named https://gagarin.news/news/accelerate-financial-technologies-establishes-the-nft-fund-which-owns-blue-chips/ the appearance of alternative tools, the launch of bitcoin funds and the acquisition of first cryptocurrency companies directly.

Additional pressure on the quotes was delivered from the asset by large holders like Celsius Network and Three Arrows Capital due to liquidity problems that led to their bankruptcy.

Recall, Blockchain Association supported Grayscale Investments in the SEC case. The non-profit organization called a violation the refusal of the regulator to convert GBTC to bitcoin -etf.

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