Grayscale’s GBTC Discount Reaches a Record 35%

Reading Time: < 1 minute

The quotes of Grayscale Investments’ Bitcoin trust (GBTC) decreased by 35.18% on September 23 relative to net asset value (NAV), according to yCharts.

According to Grayscale’s website, GBTC assets are valued at almost $20 billion.

The reason for the discount to NAV is the delay in the approval of the application for the conversion of a Bitcoin trust into an exchange-traded fund (ETF). The head of the company, Michael Sonnenschein, has said this task is a top priority.

The company’s plans to convert GBTC into ETFs became known in April last year.

On December 17, the SEC delayed its decision on the company’s filing three months earlier.