After BlackRock submitted its Bitcoin spot ETF application, GBTC rose over 12%

2023-06-20 08:07:45

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ChainCatcher news, after BlackRock submitted its Bitcoin spot ETF application last week, Grayscale Bitcoin Trust (GBTC) rose more than 12% on Friday. Additionally, according to data from YCharts, the "GBTC discount" hit a monthly low of -36.61%, which refers to the difference between the stock price and the net asset value (NAV) of the Bitcoin assets held by GBTC.

It is reported that Grayscale's flagship product GBTC allows investors to trade trust shares that hold a pool of Bitcoin, with each share designed to track the current price of Bitcoin, enabling investors to invest in Bitcoin without actually purchasing and holding the asset itself.

Previously, the founder of Morgan Creek stated that BlackRock is applying for a redeemable Bitcoin trust, which could compete with GBTC. (source link)

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Data BlackRock ETF spot GBTC

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