The
discount
for
Grayscale’s
Bitcoin
Fund
(GBTC),
the
world’s
largest
bitcoin
investment
vehicle,
reached
the
narrowest
point
since
July
2021
on
Friday
on
the
optimism
of
bitcoin
spot
exchange-traded
fund
(ETF)
getting
approval
in
the
U.S.
Shares
in
GBTC
narrowed
to
a
two-year
record
of
8.6%
discount
to
the
trust’s
net
asset
value
(NAV)
on
Friday,
the
closest
it
has
traded
to
NAV
since
July
2021,
according
to
data
from
Ycharts.
The
fund
has
traded
at
a
discount
since
February
2021
and
hit
record
lows
of
nearly
50%
in
December
last
year.
Bloomberg
ETF
analyst
Eric
Balchunas
said
in
a
social
media
post
on
X
(formerly
Twitter)
that
the
narrowing
is
likely
prompted
by
Grayscale’s
“updated
filings/SEC
meeting
reported
Wed.”
Grayscale
is
currently
awaiting
a
decision
from
the
U.S.
Securities
and
Exchange
Commission
(SEC)
over
whether
it
can
convert
the
closed-end
fund
into
an
ETF
and
has
reportedly
had
discussions
with
regulators
this
week
over
the
detailing
of
the
trust,
generating
optimism.
It
also
proposed
changing
the
fund’s
ticker
from
GBTC
to
BTC.
On
Wednesday,
a
memo
published
by
the
SEC
revealed
that
the
asset
manager
met
with
the
SEC
to
discuss
details
of
the
fund
Grayscale
wants
to
convert
into
an
ETF.
“The
discussion
concerned
NYSE
Arca,
Inc.’s
proposed
rule
change
to
list
and
trade
shares
of
the
Grayscale
Bitcoin
Trust
(BTC)
under
NYSE
Arca
Rule
8.201-E,”
said
the
memo.
According
to
a
filing
shared
by
Scott
Johnson,
financial
lawyer,
Grayscale
has
entered
a
transfer
agency
and
service
agreement
with
BNY
Melon,
which
will
see
the
bank
act
as
the
agent
for
GBTC,
facilitating
the
issuance
and
redemption
of
shares.
GBTC
is
the
largest
cryptocurrency
fund
in
the
world,
currently
with
$30.45
billion
in
assets
under
management
as
of
Nov.
22.