The Grayscale GBTC negative premium rate has narrowed to 15.87%, close to its lowest level in two years

ChainCatcher news, according to CoinDesk, as of last Friday, the Grayscale GBTC discount rate has narrowed to 15.87%, the lowest level since the end of December 2021. The Grayscale GBTC discount rate has been steadily decreasing since it reached a historical low of nearly 50% during the peak of the bear market last December.

The SEC may now present new reasons to reject Grayscale's proposal to convert GBTC into an ETF or request a full appeal. Nevertheless, considering that the regulators have been actively involved in other spot ETF applications, this possibility seems low.

ChainCatcher previously reported, Fox reporter Eleanor Terrett stated on Twitter that Grayscale issued a statement regarding the SEC's decision not to seek a rehearing: "The 45-day deadline to seek a rehearing as stipulated by federal appellate procedure rules has now passed. The court will now issue a final authorization within 7 days. The Grayscale team is operationally prepared to convert GBTC into an ETF as soon as SEC approval is obtained."