GBTC discount continues to narrow amid hopes SEC will OK spot bitcoin ETF

The Grayscale Bitcoin Trust ( OTC:GBTC ) saw its discount to net asset value continue to improve as buying pressure for the $19B trust gained steam on hopes that the Securities and Exchange Commission will finally approve the first U.S. spot bitcoin ( BTC-USD ) exchange-traded fund. At the end of 2022, GBTC's discount to NAV had swelled to almost 50% and spent much of this year at around 40%, as prices of major digital tokens changed hands at depressed levels from a couple years ago, according to data from ycharts. The discount started to narrow significantly in mid-June, when asset management giant BlackRock ( BLK ) filed an application with the SEC to launch an ETF that invests directly in bitcoin ( BTC-USD ), having dropped to as low as 26.7% on July 6. The discount stood at 28.2% as of July 10. BlackRock's ( BLK ) spot bitcoin ( BTC-USD ) ETF filing fueled a spate of filings and re-filings for similar products from other prominent money managers like Fidelity Investments. Still, the SEC has been rejecting such products for years, including Grayscale's filing from almost two years ago. Seeking Alpha analyst Logan Kane said last week that GBTC ( OTC:GBTC ) is the best crypto pick for the next six months, saying “I believe Bitcoin is the only game in town for crypto, and that the unique circumstances of GBTC make GBTC the best way to play Bitcoin.” More on GBTC and the crypto market: Grayscale Bitcoin Trust: Remains Attractive At A 28% Discount To NAV Closing In On A Ruling In Grayscale Vs. SEC A Regulatory Catalyst Is Emerging For Bitcoin 25 Top Tokens May Be Commodities, VanEck Analysis Reveals