Bloomberg data shows that the Grayscale Bitcoin Trust (GBTC) discount has narrowed to 14%, the lowest level since December 2021. In addition, GBTC has risen 164% this year, compared to Bitcoin's rise of about 71%.

According to Bloomberg Intelligence compiled data, Grayscale Bitcoin Trust Fund (GBTC) narrowed to about 14% during the day, which is the narrowest reading since 2021. Earlier this year, GBTC's negative premium was close to 50%. As of 11:00 am Eastern Time on Monday, Bitcoin rose by about 3.6%, while GBTC's stock price rose by 7.9%.

According to Coinglass data on October 16th, the current negative premium rate of Grayscale Bitcoin Trust Fund (GBTC) is 15.88%; ETH Trust's premium rate is 25.54%. In addition, ETC Trust's premium is 47.14%, LTC Trust's premium is 14.63%, and BCH Trust's premium is 17.11%.

Grayscale Bitcoin Trust (GBTC) is currently trading at its lowest discount in almost two years, with the discount to Bitcoin net asset value (NAV) narrowing to 15.87% as of Oct. 13. This comes as spot Bitcoin ETFs move closer to potential approval in the United States, with BlackRock and other financial institutions filing spot Bitcoin ETF applications in mid-June. Analysts believe that GBTC's discount will continue to narrow as spot Bitcoin ETFs near approval, with some predicting that the discount will "evaporate" over the next week or two. Grayscale has stated that they remain operationally ready to convert GBTC to an ETF upon SEC approval.

Nate Geraci, the president of ETFStore, shared data showing that the discount rate of Grayscale Bitcoin Trust Fund (GBTC) has narrowed significantly from about 43% in June to a "more optimistic" 16.5%. This indicator fluctuation is widely regarded as a signal of changes in the market's confidence in the approval of spot Bitcoin ETFs. Due to the lack of ETF options, many people choose GBTC as a channel to obtain exposure to Bitcoin. However, the significant discount of GBTC is caused by multiple factors. 

In addition, CCData's report emphasizes that Grayscale's GBTC fund significantly increased its assets under management (AUM) by $1.17 billion on August 29th and 30th (the day of and the day after the court victory). This significant growth brings Grayscale's total assets under management to $17.4 billion.

CEO of cryptocurrency fund Grayscale stated that when the Grayscale Bitcoin Trust (GBTC) is converted to a physical Bitcoin ETF, fees will definitely be reduced.

Grayscale has won a significant victory against the US SEC regarding the conversion of its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF. This has led to a rally in the GBTC share price, which closed at $20.56 on Tuesday, August 29, with a reduced discount to the fund's underlying token holdings.

Grayscale's court victory has boosted GBTC trading volume. As of the close of trading on the same day, the daily trading volume of Grayscale's GBTC reached its highest level since June 21, 2022. GBTC rose nearly 17% in secondary trading, reaching $20.56. Based on Grayscale's per-share holdings, the company's stock price rose 7.18% to $25.09. As a result, assets increased from $16.2 billion the previous day to $17.4 billion.

On August 30th, Gray's Chief Legal Officer Craig Salm stated in an official statement, "We appreciate the opinion of the Washington D.C. Circuit Court, which recognizes the straightforward issue of equal treatment under the law in this case. At the same time, we are very grateful to the legal teams of Munger, Tolles and Olson, Davis Polk and Wardell. Next, we will work closely with the SEC to develop a plan to introduce GBTC as a spot bitcoin ETF on NYSE Arca."