Quick Take
The Grayscale Bitcoin Trust (GBTC) discount to NAV continues its contraction, currently standing at -33%. This represents the narrowest it has been for over a year, reflecting a potentially encouraging trend.
GBTC has shown notable strength, rising 137% year-to-date. Notably, it has surged 50% since June 16th, a significant uptick coinciding with the initial filings for the BlackRock ETF.
The BlackRock ETF filing has subsequently seen a wave of institutional filings, further stirring the market dynamics.
Barry Silbert, the founder of Digital Currency Group (DCG), the parent company of Grayscale, finds himself in a comfortable position, consistently collecting his 2% management fees on the Bitcoin held within the fund.
According to K33 research, “D.C. opinion” on the ongoing lawsuit between Grayscale vs. SEC will likely come between June and November this year.
GBTC: (Source: Trading View)
ETF TimeLine: (Source: K33 Research)
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