Grayscale won a lawsuit against the SEC in August, and the Washington DC Circuit Court of Appeals made an official ruling last week. Last month, the company submitted an application to the SEC to register GBTC stocks on the S-3 form under the 1933 Securities Act. The SEC needs to sign this form and the 19b-4 document submitted by NYSE Arca on behalf of Grayscale in order to continue the conversion. Jay Gould, special advisor to Baker Botts law firm, expects NYSE Arca to resubmit the 19b-4 on behalf of Grayscale, as this may be the fastest and most effective solution. If the SEC rejects the request again, Grayscale may find it necessary to "return to court."

Data from ARK Invest's Ark Fund shows that it sold a total of 206,996 GBTC shares last week, valued at approximately $5.19 million at current prices. As of Friday's close, GBTC was trading at $25.07.

FTX holds approximately $417 million in Grayscale Bitcoin Trust Fund (GBTC). Scott Jonhsson, the general partner of Van Buren Capital, stated that FTX's bankruptcy restructuring plan is unlikely to be approved before the second quarter of 2024. It is expected that the SEC will make a decision on spot Bitcoin ETF before then. If GBTC has been converted to an ETF by then, FTX's sale will not exacerbate GBTC's negative premium, as the creation and redemption process of ETFs should only track the underlying BTC price. Sean Farrell, the head of cryptocurrency strategy at Fundstrat, said that the SEC's approval of spot ETFs will help ensure that creditors are compensated and that the discount of GBTC relative to its net asset value will narrow further. Given positive catalysts, cryptocurrency prices are likely to soar overall.

GBTC has risen 225.91% year-to-date and is now trading at $26.79, up 2.41% for the day. In addition, Glassnode data shows that GBTC's negative premium is currently -13.12%.

According to Coinglass data, the current negative premium rate of Grayscale Bitcoin Trust Fund (GBTC) has narrowed to 13.12%. The ETH Trust has a negative premium rate of 22.05%, the ETC Trust has a negative premium of 45.15%, the LTC Trust has a negative premium of 10.69%, and the BCH Trust has a negative premium of 9.05%.

According to Coinglass data on October 24th, the current premium rate of Grayscale Bitcoin Trust Fund (GBTC) is 13.12%; ETH Trust premium rate is 22.05%. In addition, ETC Trust premium is 45.15%, LTC Trust premium is 10.69%, and BCH Trust premium is 9.05%.

Data from ARK Invest shows that the ARK Invest Ark Fund has sold a total of 134,992 GBTC shares since October, worth approximately $3.19 million at current prices. As of Friday's close, GBTC closed at $23.64.

On October 19, SEC Chairman Gary Gensler stated in an interview with Bloomberg that the SEC has received 8-10 filings from ETF issuers and is awaiting recommendations from staff on the approval process. Bloomberg ETF analyst Eric Balchunas stated that courts mostly reiterate what they have already said and will not require the SEC to convert GBTC (to a spot ETF) as it is not within the court's power. Therefore, even if Grayscale GBTC wins, the SEC still controls its fate to some extent.

Current premium rate of Grayscale Bitcoin Trust (GBTC) has further narrowed to 13.54%. The premium rate of Grayscale's other currency trusts is as follows: ETH Trust has a premium rate of 23.7%, ETC Trust has a premium rate of 46.37%, LTC Trust has a premium rate of 11.15%, BCH Trust has a premium rate of 11.17%, and ZEC Trust has a premium rate of 16.9%.

The secondary market price of Grayscale Bitcoin Trust (GBTC) is currently reported at $22.26, while the primary market price is $25.58. The current GBTC premium rate is 12.98%, which is the closest trading price to the net asset value since December 2021.