Grayscale Updates Spot Bitcoin ETF Filing with SEC

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Grayscale has recently updated its application to convert GBTC to an ETF. According to Bloomberg analyst James Seyffart, this is a positive sign that negotiations between Grayscale and the SEC are ongoing.

Additionally, the department recommended making amendments to the existing documentation, according to the expert.

Following Grayscale’s announcement of the conversion, the discount of GBTC to its net asset value (NAV) decreased to 9.77%, the lowest it has been since July 2021.

In comparison, the discount was at a high of 48.31% in January. The situation drastically changed when BlackRock submitted an application for a Bitcoin ETF in July.

This caused the quotes for GBTC from Grayscale Investments to increase by 57%, and the discount to NAV decreased from 41.7% to 29.3%.

The positive trend continued thanks to the lack of an appeal from the SEC against the court’s decision in the case against Grayscale.