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The long-discounted price of the Grayscale Bitcoin Trust (GBTC) is catching up to its net asset value (NAV) amid potentially positive judicial developments.<\/p>\n
GBTC is trading at a -15.87% discount to its net asset value as of October 13th, compared to around 21% at the beginning of the month, more than 43% in June and nearly 50% at points in December and January, according to YCharts<\/a>.<\/p>\n Discount to NAV is a metric that tracks the difference between the fund\u2019s current value from its true value.<\/p>\n The shrinking discount materialized as news<\/a> broke in recent days that the U.S. Securities and Exchange Commission (SEC) doesn\u2019t intend to appeal a court ruling mandating the regulator reconsider Grayscale\u2019s bid to convert GBTC into a spot Bitcoin (BTC<\/a>) exchange-traded fund (ETF).<\/p>\n Last year, the digital asset management giant sued the SEC immediately after the regulator rejected<\/a> the firm\u2019s bid to turn their flagship product into an ETF.<\/p>\n A federal judge ruled in August that the SEC has to reconsider Grayscale\u2019s application to avoid arbitrariness and inconsistency.<\/p>\n Citing a source familiar with the matter, Reuters reported<\/a> last week that the SEC has no plans to appeal the judge\u2019s decision.<\/p>\n In a statement provided to Fox Business journalist Eleanor Terrett, Grayscale also confirmed<\/a> that development.<\/p>\n \u201cThe Federal Rules of Appellate Procedure\u2019s 45-day period to seek rehearing has now passed. The Court will now issue its final mandate within seven calendar days. The Grayscale team remains operationally ready to convert GBTC to an ETF upon the SEC\u2019s approval, and we look forward to sharing more information as soon as practicable.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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