Grayscale’s Bitcoin Trust Jumps 220% in 10 Months
According to CoinDesk, the value of GBTC from Grayscale Investments has grown by 220%, while shares of the leader in the S&P 500 index – Nvidia – have increased by 198% since the beginning of the year. The stock indicator has also seen growth of 9% during this time.
Meanwhile, Bitcoin has doubled in value, reaching $35,000, while traditional fixed income instruments have resulted in losses for their owners.
The discount of GBTC to NAV has narrowed to 14.22%, a significant improvement compared to the 48.31% discount seen at the beginning of the year.
This is in anticipation of the launch of an ETF based on Bitcoin.
However, the situation took a turn when BlackRock filed an application to launch a Bitcoin ETF in July.
This caused GBTC quotes from Grayscale Investments to increase by 57%, while the discount to NAV decreased from 41.7% to 29.3%.
Recently, there has also been a positive development for Grayscale Investments as the SEC did not appeal against the decision in the case against them.
