Grayscale Bitcoin Trust Discount Goes Down Following BlackRock’s Application for Spot Bitcoin ETF

As you probably know by now, BlackRock filing for a BTC ETF has been making waves in the crypto space. CHeck out the latest reports about this below.

The Grayscale Bitcoin Trust (GBTC) has experienced a significant boost in value, rising over 12% on Friday. This followed BlackRock’s recent filing for a Bitcoin ETF designed to track the performance of the cryptocurrency.

Grayscale’s Bitcoin trust has been trading at a discount to its net asset value (NAV) but has closed the gap from 44.03% on June 13th to 36.61% on June 16th.

Adam Cochran, a partner at the family office Cinneamhain Ventures, believes that GBTC will be a big winner if the SEC approves BlackRock’s application.

“If the Blackrock ETF does get approved, the real winner here is going to be GBTC

Because Blackrock will show the path to conversion, and GBTC’s [30%+] discount will resolve on top of industry growth.”

An analyst from Bloomberg is speculating about the reasons behind the world’s biggest investment management company’s move to apply for a Bitcoin (BTC) exchange-traded fund (ETF).

BlackRock submitted a request to the SEC for the iShares Bitcoin Trust on Thursday. The investment platform is created to follow the actual market price of BTC, offering investors the opportunity to invest in the top cryptocurrency without purchasing it directly.

During a recent interview with Luke Martin, Eric Balchunas, a senior ETF analyst at Bloomberg, shared his belief that the SEC may be giving preference to institutions such as Blackrock over crypto exchanges when it comes to the digital asset market.

“There’s more speculation that the SEC actually wants to push, wants to create winners and losers in this and sort of show that the future is more BlackRock than Binance or crypto exchanges and have BlackRock maybe even drive some of this moving of crypto from the locals to more mainstream companies that have law ears all over, that follow all the rules.”