Grayscale Investments’s Bitcoin trust (GBTC) prices decreased by 42.69% relative to NAV on November 17. According to the Grayscale website, GBTC assets are valued at $10.6 billion.
The decline in the prices of the Bitcoin trust relative to NAV reached 35.18% in September.
The reason for the discount is the delay in the approval of the application for the conversion of a Bitcoin trust into an exchange-traded fund. The head of the company, Michael Sonnenshein, has called this task a top priority.
The company’s plans to convert GBTC into ETFs became known in April last year.
The SEC delayed on December 17 its decision on the company’s filing three months earlier. In February 2022, the regulator took this step again.