According to information from YCharts, Grayscale Bitcoin Trust (GBTC) is presently enjoying its lowest discount in almost two years. As of October 13, the trust's discount to Bitcoin's net asset value (NAV) was 15.87%.

This indicator determines how much a mutual fund or ETF is undervalued in the market by measuring how much it trades below its genuine net asset value.

When financial behemoths like BlackRock and a number of other institutions submitted applications for spot Bitcoin ETFs in mid-June, the discount on GBTC started to close.

1The discount gradually reduced from a peak of 44% on June 15 to 26.7% by July 5. It has continued to get smaller ever since.

When GBTC's discount last reached this level, it was in the first few days of December 2021, not long after Bitcoin hit an all-time high price of $69,000 in November, according to CoinGecko.

Oliver Velez, a proponent of Bitcoin, and many other members of the cryptocurrency community believe that the market is already taking into account the upcoming approval of spot Bitcoin ETFs.


Investor in cryptocurrencies Lyle Pratt predicts that as spot Bitcoin ETFs get closer to regulatory clearance, the discount on GBTC will continue to shrink over the coming week or two.

According to recent sources, the Securities and Exchange Commission (SEC) of the United States decided not to appeal the Grayscale verdict on October 13.

James Seyffart, an analyst for Bloomberg ETFs, described the development as making spot Bitcoin ETF approvals a "done deal."

Grayscale announced on October 15 that the SEC's 45-day window for requesting a rehearing had passed.

The court will therefore likely issue its "final mandate" within the following seven calendar days.

Upon receiving SEC permission, Grayscale stated that it is operationally prepared to transform GBTC into an ETF and promised to provide more information as soon as feasible.

Grayscale was contacted by Cointelegraph in an effort to get more remarks, but at the time of publication, no response had been received.

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